The Walt Disney Co‘s (NYSE:DIS) CEO Bob Iger saw a significant increase in his annual compensation, reaching $31.6 million in 2023. This marks a substantial rise from his earnings the previous year.

What Happened: Iger’s 2023 compensation package included a base salary of $865,385, stock awards amounting to $16.1 million, $10 million in stock option awards, $2.1 million in performance-based compensation, and $2.48 million in other compensation, as per the company’s annual proxy statement filed on Tuesday, reported CNN.

After coming out of retirement, Iger’s first full year back at the helm of Disney in 2023 saw a substantial pay increase. In 2022, his total compensation was $15 million.

Despite the challenges faced by Disney, including a series of box office failures, a decline in linear TV viewership, and a turbulent shift to a streaming future, Iger’s earnings have soared.

In November, Disney announced plans to cut its expenses by an additional $2 billion, on top of the $5.5 billion reduction previously announced, as it seeks to revamp its business in a rapidly changing media landscape.

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Before his return, Iger had led Disney for 15 years, stepping down in 2020. His self-evaluation in 2019, revealed during a court case against Disney over equal pay for women, highlighted his accomplishments during his tenure.

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Bob Iger. Photo by DFree on Shutterstock