The ongoing narrative at ESPN and its parent company, Disney, revolves around the challenges of balancing budgets amid layoffs and the evolving landscapes of sports, media, and entertainment. This tough environment seems to exclude Disney CEO Bob Iger, who has notably avoided the same scrutiny.
In recent months, both Disney and ESPN have undergone significant layoffs, making headlines across various outlets. ESPN, in particular, let go of high-profile figures such as Sunday NFL Countdown host Sam Ponder, NFL and college football analyst Robert Griffin III, and NBA analyst Zach Lowe, citing budgetary constraints necessary for meeting fiscal goals. Analogously, Disney laid off 300 corporate staffers in September, a move reflective of a broader trend of job cuts that include Pixar, Disney Entertainment Television, and numerous layoffs at ESPN, impacting notable figures like Jeff Van Gundy and Mark Jackson, along with longtime veterans like Suzy Kolber and Steve Young.
This trend appears to align with Iger’s plans to reduce Disney’s expenses by $7.5 billion, yet his own compensation seems overlooked in these cuts. Recent SEC filings revealed Iger’s overall compensation saw a striking 30% rise this past year, with his salary maintained at $1 million, but complemented by a substantial array of bonuses, stock options, and additional financial incentives.
Disney CEO Bob Iger’s total compensation for the 2024 fiscal year climbed to $41.1 million, according to a proxy filing with the U.S. Securities and Exchange Commission on Thursday – a 30% increase compared to his $31.6 million package in fiscal 2023.
The 2024 pay package included a $1 million salary, $18.25 million in stock awards, $12 million in option awards, $7.22 million in non-equity incentive plan compensation, $495,142 reflecting a change in pension value and non-qualified deferred compensation earnings, and $2,145,767 in “other” compensation, including $523,685 in personal air travel and $1.44 million in security costs.
Disney and ESPN maintain that these financial decisions are unrelated, asserting that Iger’s salary increase does not correlate with the difficult choices leading to layoffs of long-term employees. However, as Disney cuts hundreds of jobs, Iger stands to gain significantly, including a half-million-dollar payout for “personal air travel.” Furthermore, as ESPN sacrifices popular talent—diminishing the quality of their coverage—Iger benefits with over $2 million in “other” compensation.
While comparisons to a “Disney Squid Game” scenario may seem exaggerated, the optics are undeniably poor: seeing Iger accumulate an additional $10 million in his compensation package while employees face layoffs casts a grim shadow over company morale.
