Warner Bros Discovery Shareholders Reject CEO David Zaslav’s $50M+ Pay Package
In a strong rebuke to corporate compensation practices, shareholders of Warner Bros Discovery have voted against the pay packages of several top executives, including CEO David Zaslav, whose total compensation exceeded $50 million.
According to a recent regulatory filing, nearly 60% of shareholders at the company’s annual meeting voted against the executive compensation plans for 2024. Though the vote is non-binding, it carries significant symbolic weight. Just a year ago, executive pay had been approved with 53% support.
Warner Bros Discovery, the parent company of CNN, was formed in 2022 through a high-profile merger between WarnerMedia and Discovery Inc., with Zaslav taking the reins as CEO.
In a statement issued by the company, the board emphasized, “The Warner Bros Discovery Board of Directors values the input of all shareholders and takes the results of the annual advisory vote on executive compensation seriously. The Compensation Committee looks forward to continuing constructive engagement with our shareholders.”
Zaslav’s Pay vs. Industry Peers
David Zaslav received a total compensation of $51.9 million in 2023, which included substantial equity awards and performance incentives. Meanwhile, Warner Bros Discovery’s stock (WBD) has seen a 7% decline in 2024, raising concerns among investors especially when compared to industry rivals.
For instance, Netflix (NFLX) stock surged over 80% this year, and Disney (DIS) experienced a 24% gain. In terms of CEO pay comparisons:
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Ted Sarandos (Netflix co-CEO) received $61.9 million
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Greg Peters (Netflix co-CEO) received $60.3 million
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Bob Iger (Disney CEO) received $41.1 million
This discrepancy between compensation and company performance has triggered backlash, especially during a period when shareholders are increasingly prioritizing accountability and transparency.
Broader Market Trends
The S&P 500 Index itself grew by more than 23% in 2023, making WBD’s negative return even more stark. Analysts point out that companies like Warner Bros Discovery must now balance executive rewards with long-term shareholder value, especially in an era where ESG factors and governance reforms are gaining traction across global markets (Harvard Business Review).
Conclusion
This shareholder revolt may not directly impact executive pay this year due to the advisory nature of the vote. However, it signals rising discontent and growing scrutiny on how media giants structure their leadership compensation — especially amid underwhelming financial performance. If Warner Bros Discovery hopes to regain investor trust, it will likely need to align its reward systems more closely with tangible outcomes and shareholder interests.
Disclaimer: This article includes information based on public records and third-party reports. Readers are advised to review original filings and consult financial professionals before making investment decisions.