*Courtesy of Rodin Eckenroth / FilmMagic via Getty Images.*

A majority of Warner Bros. Discovery shareholders who cast votes at the company’s 2025 annual meeting have expressed dissatisfaction with the compensation packages awarded to CEO David Zaslav and other top executives.

During the June 2 stockholders meeting, investors rejected a non-binding “say-on-pay” proposal — an advisory vote intended to gauge shareholder approval of executive compensation — according to a filing with the SEC. The outcome indicates that a significant portion of shareholders believe the 2024 pay packages were excessive.

Based on Warner Bros. Discovery’s reported results, approximately 724.5 million shares were voted in favor of the executive compensation packages, while 1.06 billion shares were voted against. This means nearly 60% of the votes opposed the compensation plan. An additional 5.69 million shares abstained, and 307.38 million were broker non-votes.

In a statement provided to Variety, the Warner Bros. Discovery 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.”

At the company’s 2024 annual meeting, the say-on-pay measure passed with a narrower margin of 54% in favor versus 46% against. In response to shareholder concerns, the board’s compensation committee said it implemented changes to improve the program. According to the 2025 proxy filing, one such change included eliminating guaranteed bonuses for Zaslav, shifting instead to performance-based outcomes tied to specific financial and strategic goals.

For 2024, Zaslav received total compensation of $51.9 million, a 4.4% increase from the previous year. His package included a $3 million base salary, $23.1 million in stock awards, a $23.9 million bonus, and $1.9 million in other compensation. Warner Bros. Discovery said the bonus was based on a formula: 70% tied to financial metrics — including revenue, adjusted EBITDA, and year-end paid streaming subscribers — and 30% linked to strategic performance targets.

Zaslav earned $49.7 million in 2023, a 26.5% increase over his 2022 compensation of $39.3 million. In 2021, his total compensation reached an eye-popping $246.6 million, largely due to $203 million in stock option grants.

Other top executives’ 2024 compensation packages were as follows: CFO Gunnar Wiedenfels earned $17 million (unchanged from 2023); chief revenue and strategy officer Bruce Campbell received $19.8 million (an 8% increase); global streaming and games CEO J.B. Perrette took home $19.7 million (a 2% decrease); and international president Gerhard Zeiler earned $14.8 million (up more than 11%).

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