BURBANK, Calif. — Bob Iger, who led The Walt Disney Co. for 15 years, shocked many when he returned as CEO on Sunday.

Under Iger’s new contract with Disney, he will earn a $1 million annual base salary, according to the company’s most recent SEC filing.

In addition to his base salary, Iger will also get a long-term incentive award with a target value of $25 million each year. He will also be eligible for a performance-based bonus of up to 100% of his annual base salary.

Iger, 71, agreed to return as CEO for two more years, according to the announcement on Sunday. His current term, which began on Nov. 20, will end on Dec. 31, 2024.

Iger replaced his successor Bob Chapek, who was named CEO in February 2020 and held the position for less than three years.

The SEC filing didn’t disclose how much Chapek will receive as part of his exit package; however, it did say that Chapek was terminated “without cause.” This after the board decided in June to extend his contract for three more years. 

As for Iger, his new compensation package pales in comparison to his earnings during his first stint as Disney CEO. In 2021, the year he left the company, Iger earned a total compensation of $45.9 million—which came from a $3 million base salary and the rest stock and bonuses.

Prior to returning to Disney, Iger served as CEO from 2005 to 2020. During his tenure, Iger lead the acquisitions of Marvel, Lucasfilm and the 21 Century Fox movie and TV assets. In a statement Sunday, Disney chair Susan Arnold said Iger was uniquely situated to lead Disney through “an increasingly complex period of industry transformation.”

Iger’s top priorities as CEO this second time around will be to set a strategic direction for renewed growth and find a successor.