Last week Bob Iger said that he had signed a two-year contract extension that will allow him to remain as CEO and chairman of the Walt Disney Company until June 2018. It is the third time that he has extended his tenure as chairman. “This time I really mean it,” Iger told the Wall Street Journal.
The frontrunners within the company to take over Iger’s spot are chief financial officer Jay Rasulo and parks-and-resorts chairman Thomas Staggs. They’ve both been considered for the position since at least 2011. “The only thing that changes is the timetables when the next person would become CEO,” Iger says. “But it doesn’t mean we won’t promote someone to a position that would give them more experience and give the board a chance to evaluate them at a higher level. That could happen along the same timing it was going to.”
Staying aboard will allow Iger to follow through on two of his major projects: the late-2015 opening of a new Disney theme park in Shanghai and the first Disney-produced Star Wars movie. It will also allow him to continue making insane amounts of money, like the more than $34 million he made in 2013.
On top of his regular salary and bonuses, the LA Times reports that there’s a clause baked into Iger’s new contract that allows him to earn a $60 million bonus in 2018 if Disney meets a cumulative operating income of $76.01 billion over a five-year period ending in 2018. For comparison, between 2009 and 2013, Disney produced $43.77 billion in operating income.
Remember this the next time you buy a churro at Disneyland: you’re not just buying another piece of greasy sugar-coated fried dough, but you’re helping one man fulfill his dream of making an extra $60 million on top of the hundreds of millions that he’s already made at Disney.
Good luck, Bob. We’re all rooting for you!