Film executives and studio bosses are among the highest-paid individuals in the entertainment industry worldwide. Some of the top CEOs of the studios in Hollywood make tens of millions of dollars every year with their salaries and stock options. However, when things go south i.e. films begin flopping, these top bosses face pay cuts as well. This is exactly what happened in 2023 when a spate of unsuccessful films led to the biggest film CEO in the world facing a pay cut of over $14 million (Rs 118 crore).
The film executive who led a Rs 1500 crore loss
Bob Iger is one of the most powerful men in word cinema as the CEO of Disney. The 72-year-old has been heading Disney, on and off, for almost two decades now. But 2023 was a difficult year for the media giant. Disney Studios, its film production wing, and its subsidiary production companies, delivered many big budget flops. Indiana Jones and the Dial of Destiny lost over $100 million (Rs 830 crore), while The Marvels became MCU’s first box office bomb, losing even more money. In all, trade analysts estimate that Disney Studios’ films saw losses of just under $200 million (over Rs 1500 crore) in 2023. Financially, the company was better off with merchandise sales and other avenues of income as well. But the box office loss was tremendous.
How Bob Iger faced a $14 million pay cut
According to Vareity, Bob Iger earned $31.6 million (Rs 263 crore) as Disney CEO in 2023. This includes a base salary of $865,385, stock awards totaling $16.1 million, $10 million in stock option awards, $2.1 million in performance-based compensation and $2.48 million in other compensation. While this may seem like a lot, the salary is actually a step down from the last year in which Iger headed Disney. The executive was Disney CEO in 2021 (before he stepped down briefly in 2022) and that year, he had actually taken home $45.9 million (Rs 381 crore), meaning that Iger’s pay was slashed by $14.3 million (Rs 118 crore).
Bob Iger’s future with Disney
Iger originally took over as Disney CEO in 2005 and led the acquisition of some of the biggest properties and IPs owned by the media giant, from Marvel to Star Wars. He also introduced streaming platforms under the Disney umbrella. In 2021, he announced his retirement and formally stepped down in 2022, to be replaced by Bob Chapek. However, in under a year, Chapek was fired and Iger was requested to return. It can be said that through much of 2023, Iger restored Disney to its former glory, or at least attempted to. The board of directors have shown faith in the veteran executive, extending his contract till 2026.
