DisneyCrazy
01-21-2009, 12:58 PM
Disney CEO Receives $13.9 Million Bonus for 2008
By PETER SANDERS (Wall Street Journal)
Walt Disney Co. Chief Executive Robert Iger received $2 million salary and a $13.9 million bonus for fiscal 2008, and his overall compensation was up nearly 11% from 2007, according to a proxy statement filed by the company.
According to the filing, Mr. Iger's total compensation for 2008 was valued at $30.6 million, which was up from the year before, when his total compensation was valued around $27.7 million. Disney's fiscal year ended Sept. 27.
In the proxy, Disney also put up its entire slate of directors, including Apple Inc. Chief Executive Steve Jobs, for re-election at the company's annual meeting on March 10. Mr. Jobs, who is Disney's largest individual shareholder, earlier this week announced he was taking a six-month leave from his duties at Apple. Mr. Jobs holds 7.4% of Disney shares outstanding, but he does not draw compensation as a board member and is a non-independent director who does not serve on any committees, according to Disney officials.
Mr. Iger's base salary has remained unchanged since he was hired as CEO in 2005, and his 2008 bonus was up only slightly from last year. This year's bonus was $2.4 million less than he was entitled to; the company said Mr. Iger decided to forgo that money as a gesture of goodwill. That decision comes as senior executives of some large financial corporations, including Bank of America Corp., have decided to forego bonuses amid the 12-month-old recession and their own travails.
As part of his new five-year employment contract, signed last January, Mr. Iger received 3 million options at an exercise price of $29.51 per share that are scheduled to vest through 2013.
Shares of Burbank, Calif.,-based Disney, which have fared better than their peers in the media space, were up 10 cents to close at $21.46 in composite trading on the New York Stock Exchange on Friday. In September, the company reported net income of $4.42 billion on $37.8 billion in revenue. Sales were up nearly 7% from the year earlier, but net income dipped by about 5.5% on weakness at the company's broadcast and movie studio units, as well as a softening at the theme parks division towards the end of the fiscal year.
In addition to his salary and bonus, Mr. Iger received stock awards valued at $7.7 million; options awards valued at nearly $6 million; and $773,000 to cover expenses including air travel and security, up from $745,000 in 2007.
Chief Financial Officer Tom Staggs received a salary of nearly $1.9 million and was awarded a $4.1 million cash bonus -- down nearly 8% from last year -- and stock awards of more than $2.8 million. General Counsel Alan Braverman took in slightly more than $1 million in salary and a $3 million bonus.
By PETER SANDERS (Wall Street Journal)
Walt Disney Co. Chief Executive Robert Iger received $2 million salary and a $13.9 million bonus for fiscal 2008, and his overall compensation was up nearly 11% from 2007, according to a proxy statement filed by the company.
According to the filing, Mr. Iger's total compensation for 2008 was valued at $30.6 million, which was up from the year before, when his total compensation was valued around $27.7 million. Disney's fiscal year ended Sept. 27.
In the proxy, Disney also put up its entire slate of directors, including Apple Inc. Chief Executive Steve Jobs, for re-election at the company's annual meeting on March 10. Mr. Jobs, who is Disney's largest individual shareholder, earlier this week announced he was taking a six-month leave from his duties at Apple. Mr. Jobs holds 7.4% of Disney shares outstanding, but he does not draw compensation as a board member and is a non-independent director who does not serve on any committees, according to Disney officials.
Mr. Iger's base salary has remained unchanged since he was hired as CEO in 2005, and his 2008 bonus was up only slightly from last year. This year's bonus was $2.4 million less than he was entitled to; the company said Mr. Iger decided to forgo that money as a gesture of goodwill. That decision comes as senior executives of some large financial corporations, including Bank of America Corp., have decided to forego bonuses amid the 12-month-old recession and their own travails.
As part of his new five-year employment contract, signed last January, Mr. Iger received 3 million options at an exercise price of $29.51 per share that are scheduled to vest through 2013.
Shares of Burbank, Calif.,-based Disney, which have fared better than their peers in the media space, were up 10 cents to close at $21.46 in composite trading on the New York Stock Exchange on Friday. In September, the company reported net income of $4.42 billion on $37.8 billion in revenue. Sales were up nearly 7% from the year earlier, but net income dipped by about 5.5% on weakness at the company's broadcast and movie studio units, as well as a softening at the theme parks division towards the end of the fiscal year.
In addition to his salary and bonus, Mr. Iger received stock awards valued at $7.7 million; options awards valued at nearly $6 million; and $773,000 to cover expenses including air travel and security, up from $745,000 in 2007.
Chief Financial Officer Tom Staggs received a salary of nearly $1.9 million and was awarded a $4.1 million cash bonus -- down nearly 8% from last year -- and stock awards of more than $2.8 million. General Counsel Alan Braverman took in slightly more than $1 million in salary and a $3 million bonus.