Bob Iger is making $45.8 million this year to find his own replacement. No pressure.
Disney's board disclosed the CEO's 2025 compensation package this week - up 11.5% from $41.1 million in 2024 - alongside a pointed reminder that succession planning "remains a top priority." Chairman James Gorman committed to announcing Iger's successor in "early 2026," which in corporate-speak means "any day now."
The breakdown: $1 million salary (almost quaint), $21 million in stock, $14 million in options, $7.25 million in performance bonuses, and $2.6 million for security and other perks. All to oversee the conclusion of one of Hollywood's longest-running succession dramas.
Iger first retired as Disney CEO in 2020, handing the reins to Bob Chapek. That lasted barely two years before the board begged him back in late 2022 to clean up the mess. Now, after extending his tenure multiple times, the 74-year-old executive is supposedly mentoring internal candidates while the Succession Planning Committee - which met five times in fiscal 2025 - evaluates who's ready.
The proxy filing doesn't name names, but it does note that other top executives including CFO Hugh Johnston and Chief Legal Officer Horacio Gutierrez have signed new contracts, suggesting the board is "positioning the new CEO for long-term success" with a stable leadership team.
Translation: they've made their choice, or they're close to it.
Here's the thing about Disney succession: it's always been a nightmare. Michael Eisner stayed too long and left a mess. Iger picked Chapek and that didn't work. Now Iger gets one more shot to stick the landing before riding off into the sunset with a compensation package that would make most studio executives weep with envy.
Whoever takes over inherits a company navigating streaming losses, theatrical uncertainty, and a culture war that's made every creative decision a political lightning rod. According to The Hollywood Reporter, the new CEO will need to balance creative ambition with financial discipline - the exact tightrope Iger walked during his first tenure when he acquired Pixar, Marvel, Lucasfilm, and 21st Century Fox.
The question isn't whether Iger will finally step away. The question is whether Disney can survive without him. We're about to find out.
