Among the many things Mickey has in store for his Thanos-like quest for universal domination in 2019 is the closure of Disney’s purchase of 21st Century Fox. Pending any unforeseen complications, all signs point towards that deal closing sometime this year. With that merger looming, the head of the Mouse House, Disney CEO and Chairman Bob Iger, is taking a major pay cut.
Disney has adjusted Bob Iger’s compensation in a way that drastically reduces the potential pay he would have made upon the closing of the Fox deal, according to Deadline. A $500,000 annual increase has been eliminated and Bob Iger’s base salary will remain at $3 million. Also being cut is an annual $8 million increase in Iger’s annual target bonus. That potential bonus will remain at $12 million.
A long-term incentive award for the chairman has also been reduced by $5 million a year from $25 million to $20 million. Factoring in all the cuts and reductions to bonuses, Bob Iger’s potential annual pay will be reduced by up to $13.5 million. In a statement Bob Iger seemed to indicate that the reduction in his pay was a decision that he and the company came to together. He said:
It seems that this pay cut was the result of mutual decision made between the CEO and Disney’s board to better position Disney for success and profitability for shareholders during this transitional period when the company has so much going on.