4.4 C
New York

Abigail Disney desires to challenge Bob Chapek’s pay: report


Abigail Disney, the Mouse House heiress turned vocal critic, is reportedly attempting to arrange a shareholder challenge of embattled Disney boss Bob Chapek’s $32.5 million payday.

Disney, who has pegged her personal net value at $120 million, has been “quietly courting” institutional investors to challenge Chapek’s compensation at the corporate’s next shareholder meeting, The Wrap reported, citing multiple sources conversant in the matter.

The proxy push could mark one other embarrassment for Chapek, who has been under fire following a series of missteps on the entertainment giant.

The 62-year-old heiress has reportedly held a minimum of three meetings in an effort to construct support for the move, through which participants would reject or potentially seek to claw back a few of Chapek’s pay. She has argued that her name recognition would supply the corporate’s shareholders with a greater likelihood within the fight on the meeting, which can be held next spring.

One unnamed institutional investor approached by Disney reportedly described their meeting as a “very informal discussion that was very serious,” while one other investor told The Wrap that the discussion was preliminary in nature.

Abigail Disney also once called Bob Iger’s pay “insane.”Getty Images

“Fund managers run into one another at industry events on a regular basis and talk shop,” the investor told the outlet. “And Abigail desired to know what they thought, what the mood was. She seemed mostly involved in if this was that perfect opportunity for something like this.”

Each a Disney spokesperson and Abigail Disney declined The Wrap’s request for comment on the report.

The Post has reached out to Disney and Abigail Disney’s production company, Fork Movies, for further comment.

Chapek, who replaced Bob Iger as Disney CEO in 2020, has faced intense criticism over the botched response to Florida’s “Don’t Say Gay” bill. One former Disney executive reportedly said that the corporate’s leadership “managed to piss off each the left and the proper’ by flip-flopping in response to the laws.

Bob ChapekBob Chapek has been under fire following a series of missteps.Bloomberg via Getty Images

The Chapek-led company faced internal protests from left-leaning employees in addition to a public spat with Florida Gov. Ron DeSantis, who revoked the corporate’s special tax status. The incident sparked speculation that Iger could return to interchange Chapek as Disney’s top boss.

More recently, Chapek shocked the entertainment world by firing Disney’s well-regarded TV content executive Peter Rice – a move that reportedly led to “terrible” morale on the Mouse House. Still, Disney Chairman Susan Arnold issued a vote of confidence for Chapek within the wake of that call.

Disney’s stock has also struggled, sinking 40% during a broader downturn out there since January and about 46% over the past 12 months.

Abigail Disney’s behind-the-scenes push is the newest sign of her willingness to criticize the corporate founded by her grandfather, Roy O. Disney.

Disney protestsDisney faced internal protests over its response to Florida’s “Don’t Say Gay” law.Los Angeles Times via Getty Images

The heiress co-directed a documentary entitled “The American Dream and Other Fairy Tales,” which called out pay inequality at Disney. Released earlier this yr, the film highlighted the struggles of park employees in comparison with the approach to life of Iger, who earned $65.6 million in 2018.

Abigail Disney also has a history of criticizing executive pay at Disney – once referring to Iger’s windfall in 2018 as “insane.” On the time, Equilar determined that Iger earned 1,424 times the pay of the median Disney employees.

Chapek’s 2021 compensation of $32.5 million greater than doubled his pay from the previous yr. The sum included a $10.2 million stock award and $14.3 million through an incentive plan. His contract is due t expire next yr.

Shareholder challenges of CEO compensation are relatively common, particularly at large firms, but rarely lead to material changes.

The votes are typically non-binding and performance as recommendations to an organization’s board – though they is usually a powerful rebuke and indication of public sentiment about internal management.

Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles


Recent articles