Disney CEO Bob Iger saw his compensation more than double last year as the once-great studio continued to struggle financially and creatively, laying off 7,000 employees and releasing an unprecedented string of box-office flops.
Bob Iger earned $31.6 million in total compensation for the fiscal year that ended in September, up from $15 million in 2022, according to a recent Disney SEC filing.
His 2023 pay included a base salary of $865,385, stock awards of $16.1 million, $10 million in stock option awards, $2.1 million in performance-based compensation, and $2.48 million in other pay.
Iger’s pay increase came as Disney experienced another bad year.
The company laid off 7000 employees worldwide and is planning an additional $2 billion in cuts.
Disney’s streaming services have lost billions of dollars as the company splurges on content that is having a difficult time connecting with audiences. And while the losses are no longer as bad as they once were, Disney, like other legacy studios, is have trouble making streaming profitable.
Domestic subscriber growth for Disney+ is stagnating — an ominous sign for a streaming service that is still only a few years old. As a result, prices have gone way up.
Disney also saw an unprecedented string of box-office flops in 2023 — including The Marvels, Indiana Jones 5, The Little Mermaid, Wish, Ant-Man 3, Haunted Mansion, and more.
Iger has also exacerbated the company’s political war with Florida Gov. Ron DeSantis (R) over the state’s Parental Rights in Education Law, which protects public school students from indoctrination into radical transgender ideology and other forms of LGBTQ activism.
He has also presided over the company’s continued embrace of gay and transgender messaging toward children.
Disney shares are currently languishing near three-year lows, with little upside potential seen in the near term.
Three years ago, the stock was trading near $200. Now, it is hovering around $90.
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