Disney CEO Bob Iger had a salary boost in 2023.

Per CNN, Iger saw a significant surge in his earnings last year. A whopping $31.6 million, marking a substantial increase from the previous year. The details of Iger's 2023 compensation were disclosed in The Walt Disney Company's annual proxy statement filed on Tuesday.

Iger's 2023 pay package comprised 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. Plus, $2.48 million in other compensation. Bob Iger's salary boost returned to lead Disney full-time in 2023, following his retirement.

In 2022, he received $15 million in total compensation.

Having previously served as Disney's CEO from 2005 to 2020, Iger came out of retirement in November 2022. To replace his chosen successor, Bob Chapek. Chapek, who left the company in 2022, still received $9.9 million in total pay from Disney last year.

Despite Iger's substantial earnings, Disney faced challenges. Including box office disappointments, declining linear TV viewership, and a challenging transition to a streaming-centric future.

According to LA Times, Disney's Wall Street standing has declined amid significant streaming investments and a shrinking linear TV business. Disney has also implemented mass layoffs and considered selling or finding partners for TV assets, including ESPN, ABC, and FX. And despite his huge payout, the Disney CEO also called out strike demands “unrealistic.”

In response to these challenges, Disney announced plans to cut expenses by an additional $2 billion in November. On top of the previously announced $5.5 billion reduction.

During the company's fourth-quarter earnings call, Iger acknowledged progress. But emphasized the ongoing work required to boost Disney's position.