A lucrative consolation prize: Inside the multimillion-dollar retention deals for CEO runners‑up

When a chief executive succession race narrows to just a few contenders, losing doesn’t always mean losing out. Recent CEO contests have resulted in hefty compensation packages for the executives who came in second.

When Disney earlier this month selected Josh D’Amaro to succeed Bob Iger as CEO, the entertainment giant gave D’Amaro’s reported rival for the job, Dana Walden, a one-time $5.26 million stock grant, plus a recurring annual target compensation of about $27 million. And when...