He will remain as the executive chairman of the company’s board through Dec. 31, 2021, when his contract expires. Meanwhile, Bob Chapek -- who was the chairman of parks, experiences and products -- will take over the CEO position, Disney announced.
Iger started at Disney in 1996 and became the CEO in 2005, following Michael Eisner.
During his tenure, Iger oversaw several big acquisitions for Disney including the $7.4 billion purchase of animation studio Pixar in 2006, the $4.2 billion purchase of Marvel in 2009, the $4 billion purchase of Lucasfilm in 2012 and the $71.3 billion purchase of 21st Century Fox -- which could be his crowning achievement.
The company also launched its Disney+ streaming service last fall, which gained more than 28 million paid subscribers, Iger told investors during an earnings call earlier this month.
Even though he is stepping down from the CEO position, Iger’s salary isn’t expected to change, SEC records show. He currently earns a base pay of $3.5 million and has earned tens of millions in annual performance bonuses.
In 2019, Iger’s pay was cut by 28 percent to $47.5 million, according to Forbes at the time. In 2018, he was paid $65.6 million, which included a $26.3 million stock award and other bonuses. At the time, he was the third-highest-paid CEO, Forbes reported.
His salary was cut after Disney heir Abigail Disney criticized Iger’s pay as “insane.”
This report contains material from previous FOX Business stories.