"We feel that this change gives us the ability to manage the company much more effectively ... and enabling me to concentrate on what's obviously very important," Iger said on a call with investment analysts Tuesday afternoon."It also sets up, we think, a great transition process that will lead to, basically, Bob taking over the company fully when I leave and at that point being far better versed in all the company's businesses and creative endeavors. It just made sense.
"Everything in my career has been a consumer-oriented business. That's where I played," Chapek said."The idea that now I will be able to take that background and experience including everything I have done in consumer products and in our parks and now employ to a direct-to-consumer business feels like it is well within my wheelhouse."
Chapek's annual base salary is $2.5 million and he is eligible for a bonus of “not less than 300% of the annual base salary,” according to a document filed with the Securities and Exchanges Commission.
Why is he stepping down?