David Zaslav, the company’s unfortunate general manager formerly known as Warner Bros. Discovery (the company that was once two separate companies but became one, breaks down again), has often been accused of being bad of his job and now it would seem that the people who pay their salary can agree.
A A new report From a deadline finds that Zaslav is scheduled to receive a huge pay cut this year. Citing a recent SEC registration, a deadline notes that a new business agreement “will significantly reduce its target annual compensation, including lowering its annual monetary compensation opportunity and reorientation of the entire wage mix to long-term incentives.” This change will “feed a stronger alignment with shareholders and stimulate, long-term, long-term value creation,” the document says.
In 2023, Zaslav’s compensation package was boosted substantially from what was in 2022. Zaslav received a package with about $ 50 million. That represented 26.5 -percent growth During the previous year, in which he reportedly made $ 39.2 million. Those payments paled compared to 2021, when Zaslav technically made $ 246 million Of stock options added to a new, multi -year employment contract with the company.
Now, Zaslav will have his wages diminished and capped, to better “align them with a” salary performance “model championed by shareholders, a statement by WBD board Samuel A. di Piazza Jr.
After the separation, Zaslav will have a contract through December 31, 2030, and a basic salary of $ 3 million a year. Its target annual money charitable occasion will be reduced to $ 6 million, with the actual salary based on the achievement of executive goals established by the Streaming & Studios Compensation Committee. The annual charitable payment is subject to a cap of 200% of the target amount. Zaslav will also qualify for annual equity awards following the separation according to the company’s equity motivation plan streaming & Studios. The target value of the prizes will be $ 15.5 million in the first year that Zaslav receives an equity subsidy from streaming & studios and will decrease to an annual target value of $ 7.5 million a year later.
Zaslav assumed power at Warner Bros. Discovery immediately after the merger between the two, and his strategy (which was often criticized by consumers and fans alike) was to start cutting expenses and projects while controlling a large number of layoffs. The company’s re-split was mocked slightly online, though Zaslav put a happy backbone to the development: “The cultural significance of this great company and the effective stories it brought to life for over a century, affected countless people all over the world,” he said, in a statement associated with the split. “There is a treasured heritage that we will proud in this next chapter of our famous history.”
