Disney CEO Bob Iger Increases Pay To $31.6M As Company Plummets After Ruinous Year

Disney slashed more than 8,000 jobs in 2023.

Seven of its eight major theatrical releases underperformed at the box office, losing more than $400 million.

The growth of Disney+ halted far quicker than analysts projected, as subscriptions plummeted.

Disney's sports vertical, ESPN, is looking to sell a stake to the NFL as its business continues to struggle to combat an eroding cable base.

And yet, despite such a ruinous year, CEO Bob Iger gave himself a raise. Iger's pay increased to $31.6 million in 2023.

Iger’s pay included $865,385 in base salary, 16.1 million in stock awards, $10 million in stock-option awards, $2.14 million cash bonus, and $2.48 million in other compensation, per an SEC statement filed on Tuesday.

Iger "earned" $15 million in total compensation in 2022 for less than a year's work.

Remember, Iger led Disney into the culture war in 2016. He pressured his successor Bob Chapek to re-enter the battle in 2022 in opposition to the erroneously dubbed "Don't Say Gay Bill." Consumers ranked Disney as the fifth most polarizing in the country last year, following Iger's return.

In short, Iger's desire to mix politics with entertainment wrecked the financial foundation of Disney. Americans revolted.

Don't take our word for it. Take Iger’s.

In November, Disney admitted in another SEC filing that woke politics have damaged the brand:

“We face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products,” the report reads. “The success of our businesses depends on our ability to consistently create compelling content.”

It continues, “Generally, our revenues and profitability are adversely impacted when our entertainment offerings and products, as well as our methods to make our offerings and products available to consumers, do not achieve sufficient consumer acceptance.

Further, consumers’ perceptions of our position on matters of public interest, including our efforts to achieve certain of our environmental and social goals, often differ widely and present risks to our reputation and brands.”

Apparently, Iger didn't think his destructive leadership was quite enough to dent his pay.

Still, Iger's future is uncertain. The future of Disney is uncertain.

Entertainment conglomerates face a daunting task in fending off their most wealthy streaming rivals.

Disney has a market cap of $165.46 billion. That is substantial -- until you compare it to Amazon with a cap of $1.55 trillion.

Or Apple at $2.81 trillion. Or Microsoft at $2.88 trillion.

For Disney, the path forward could require merging with another traditional media company. Rivals Warner Bros. Discovery and Paramount Global are discussing a merger as we speak, facing the same uncertainties as Disney.

Another possible solution is selling off the ESPN and ABC television networks and selling Disney to one of the tech giants, be it Amazon, Apple, Microsoft, Facebook, or Google.

Notably, Amazon officially moved into the linear TV business on Wednesday by acquiring a stake in the bankrupt-ridden Diamond Sports.

The Tech Giants have the resources to bail out their fading television competition. They have those resources in their back pockets.

At least, in theory.

Disney is ailing. Bob Iger is largely responsible for its condition. Thus, it's unlikely any future partner or parent company would retain his services.

No wonder Iger is cashing in now.

"Walt Disney is turning in his grave over what Bob has done to his company," Elon Musk said of Iger last month. "He should be fired immediately."

Hard to argue otherwise.