Bob Chapek is the seventh CEO in company's nearly 100-year history.
"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.
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