Warner Bros Discovery shareholders have voted against a $51.9 million compensation package awarded to chief executive David Zaslav and his senior leadership team.
The vote by 80% of shareholders is seen as a rebuke to Zaslav and the performance of the company, though is non-binding, meaning that Zaslav and his colleagues will likely receive their proposed packages in full.
Warner Bros Discovery was formed in April 2022 from the merger of AT&T’s Warner Media and Discovery Communications. Subsequently the share price has fallen by 59%, while the company’s streaming services have been through a string of rebrands to leave many of us with HBO Max.
In a statement. Warner Bros. Discovery’s board said: “The Warner Bros. Discovery Board of Directors appreciates the views of all its shareholders and takes the results of the annual advisory vote on executive compensation seriously. The Compensation Committee of the Board looks forward to continuing its regular practice of engaging in constructive dialogue with our shareholders.”
Zaslav is expecting a $51.9 million pay package, an increase of 4% on 2024, and including a base salary of $3 million, stock awards of $23.1 million and a bonus of $23.9 million.
Global streaming and games CEO and president J.B. Perrette will receive $19.7 million (a 2% decrease); and international president Gerhard Zeiler, $14.8 million (an increase of over 11%).
