The Walt Disney Co (NYSE:DIS) CEO Bob Chapek saw his compensation rise to $32.5 million, according to a statement filed with the U.S. Securities and Exchange Commission Wednesday.
What Happened: In FY 2021, Chapek saw his pay swell to more-than-double from the $14.2 million he earned in the preceding year.
The Disney CEO was granted stock awards worth a total of $10.2 million and options valued at $3.75 million, as per the filing. A year earlier, his stock awards and options amounted to $6.13 million and $3.37 million, respectively.
Meanwhile, Chapek announced the creation of an International Content Group that will function under the direction of Rebecca Campbell as chairman, international content and operations.
The company said it has promoted Joe Earley, previously the executive vice president, marketing & operations for Disney+, as the president of Hulu.
Earley will report to Michael Paull, who has been promoted to the newly-created role of president, Disney Streaming with accountability for Disney+, Hulu, ESPN+, and Star+.
Why It Matters: While top Disney leadership took pay cuts and did not receive non-equity incentives during FY 2020 amid the COVID-19 pandemic that forced the closure of the company’s theme parks, they did benefit from stock grants and options.
On the creation of the International Content Group and appointment of Cambell, Chapek said, “I'm excited that she will be leading our new International Content group, bringing her expertise and talent to oversee the growing pipeline of original local and regional content for our streaming services while continuing to lead our international operations.”
Campbell will oversee Disney’s teams in the Asia Pacific, Europe, the Middle East, and Africa, India, and Latin America.
Disney’s streaming rival Netflix Inc (NASDAQ:NFLX) found success last year through its local content including “Squid Game,” which went on to become its most-watched series.
Squid Game was the most-watched title in eight Asian markets but it also topped viewer rankings in the U.S., France, and 90 other markets including Italy and Russia, according to a Nikkei Asia report.
Price Action: On Wednesday, Disney shares closed 1.4% lower at $150.11 in the regular session.
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Photo: Courtesy of Walt Disney Televison via Flickr
