Disney CEO Bob Iger Mocked After Pay Cut

Disney CEO Bob Iger has been ridiculed online after it was revealed that he received a pay cut in 2023.

The media business executive was first named CEO of The Walt Disney Company in 2005. He briefly stepped down in 2021, only to return as CEO in 2022 upon the request of the company's board. He had been replaced by Bob Chapek, who didn't last long in the role as he was eventually ousted in November 2022. Iger will resign for a second time in 2026, after extending his contract in 2023.

In 2023, Iger saw his compensation hit $31.6 million, which was down from $45.9 million in 2021, per Variety. According to the company's proxy statement filed with the SEC on Tuesday, Iger received $865,385 in basic salary in 2023 in addition to $2.14 million in cash bonus, $10 million in stock-option awards, $16.1 million in stock awards, and $2.48 million in other remuneration.

Newsweek contacted a spokesperson for Disney for comment via email on Thursday.

People online aren't losing sleep over Iger's pay cut, however. When Variety shared the news to its X, formerly Twitter, account, people took to the replies to make fun of the situation.

"Oh no. How ever will he be able to live. Now he'll only be able to have 2 yachts instead of 3," one person wrote alongside crying emojis.

"We should all go on strike and picket in front of Disney World/Land until they fix his pay. Smh [shaking my head]," said another.

"Guess he's gonna have to switch to a family plan and make lattes at home if he wants to survive," a different X user wrote.

"I hope he can keep up with inflation," said a fourth.

A fifth person added alongside a prayer emoji: "Prayers up for him and his financial advisors."

Iger's pay cut shouldn't come as a huge shock, as Disney has been struggling for the past year. This has included several Disney titles that were deemed box office flops in 2023—including Pixar's Elemental—declining linear TV viewership and an uneven transition into a streaming future.

In November, the entertainment behemoth announced it would be slashing costs after its films lost almost $1 billion. In an earnings call, Iger said the company would cut an additional $2 billion in expenses in 2024. This followed a previous announcement that Disney would be slicing $5.5 billion in the coming year, along with thousands of layoffs.

In January, a representative for Pixar, which is owned by Disney, confirmed to Newsweek that the animation studio is undergoing layoffs in 2024. They said the final number of cuts will be decided by factors such as production schedules and staff requirements for future projects. The company said the layoffs won't be immediate.

Disney has also been hemorrhaging money through its Disney+ streaming service but managed to curb losses by raising subscription costs. However, its theme parks have also been underperforming, with experts citing price hikes and increased competition as reasons for the decline in visitors post-pandemic.

During the call with investors in November, Iger said Disney will produce less content in 2024, with a focus on quality.

"I've always felt that quantity can be actually a negative when it comes to quality," he said. "That's exactly what happened. We lost some focus."