Warner Bros. Discovery CEO David Zaslav
Presented by Warner Bros. Discovery
Warner Bros. Discovery CEO David Zaslav expected the value of his compensation package to increase to $49.7 million in 2023, compared to $39.3 million in 2022, when the Discovery-WarnerMedia merger was completed.
The entertainment conglomerate has revealed updated salary details for its executives in a regulatory filing.
Mr. Zaslav’s 2023 salary consisted of $3 million in salary, more than $23 million in stock compensation, $22 million in non-equity incentive compensation, and $1.6 million in other compensation, including security fees. The pay increase was a factor in WBD’s decision to change its executive compensation plan to focus on cash flow rather than stock price. WBD’s free cash flow in 2023 increased in part due to the Hollywood strike that halted production for several months.
In 2021, then-Discovery CEO Zaslav received compensation worth $246.6 million, a significant increase from $37.7 million in 2020 and $45.8 million in 2019. This was the result of a May 2021 employment agreement that set Mr. Zaslav to remain with the company for the duration. (The stock options he received in connection with the extension did not result in immediate payout, even though much of the compensation was scheduled to vest during his term in calculating his 2021 compensation package.) (term of employment contract)
Warner Bros. Discovery stock rose 20% in 2023, but the company’s financials were mixed. Annual sales in 2023 decreased 4% to $41.3 billion, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 11% to $10.2 billion. Free cash flow, another profit metric that shows a company’s ability to finance its operations without the need for external financing, has become a major focus for WBD management, increasing 86% to $6.2 billion. .
The filing also disclosed the salaries of other WBD executives, with CFO Gunnar Weidenfels taking home more than $17 million. Bruce Campbell, chief revenue and strategy officer, makes $18.3 million. His head of streaming and gaming, JB Perrette, expects revenue of $20.1 million. And international division chief Gerhard Zeiler’s income was $13.3 million, a significant increase from the previous year.
