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David Zaslav, the unfortunate CEO of the company formerly known as Warner Bros. Discovery (society, which was once two distinct companies but has become one, separates again), has often been accused of being bad in his work and now it would seem that people who pay his salary can agree.
A new report From the deadline finds that Zaslav should receive a significant salary reduction this year. Quoting a recent SEC deposit, Deadline notes that a new trade agreement “will considerably reduce its target annual remuneration, in particular the decline in its annual cash remuneration opportunities and the reorientation of the total salary combination towards long -term incentives”. This change “will promote a stronger alignment with shareholders and will encourage the creation of long -term value sustained”, indicates the document.
In 2023, Zaslav’s remuneration package was considerably stimulated what it had been in 2022. Zaslav received a package of approximately $ 50 million. Represented An increase of 26.5% During the previous year in which he would have gained a total of $ 39.2 million. These payments pale compared to 2021, when Zaslav made $ 246 million Options for purchasing shares annexed to a new multi -year employment contract with the company.
Now Zaslav will have his salary cut and capped, in order to better “align” them with a “paid performance” model defended by shareholders, said a press release from the Chairman of the Board of Directors of WBD, Samuel A. Di Piazza Jr. Le Point of sale thus exposes the new salary of Zaslav:
After the separation, Zaslav will have a contract until December 31, 2030 and a basic salary of $ 3 million per year. Its target cash premium opportunity will be reduced to $ 6 million, with the real payment based on the achievement of the performance objectives established by the streaming & studios remuneration committee. Annual payment of premiums is subject to a 200% ceiling of the target amount. Zaslav will also be eligible for annual stocks on shares after the separation of the streaming dissemination incentive plan and the studios company. The target value of the awards will be $ 15.5 million in the first year that Zaslav receives a subsidy in streaming & studios shares and will decrease an annual target value of $ 7.5 million per year later.
Zaslav assumed power to Warner Bros. Discovery immediately after the merger between the two, and its strategy (which was often criticized by consumers and fans) was to start reducing expenses and projects while supervising a large number of layoffs. The decline in the company has made a little mocked online, although Zaslav has made a happy tour of development: “The cultural importance of this great company and the impactful stories that it has brought for more than a century have affected countless people all over the world,” he said, in a statement associated with the split. “It is a precious heritage that we will proudly continue in this next chapter in our famous story.”
