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Disney gives CEO Iger US$36.3m pay before big 2018 package
[NEW YORK] Walt Disney Co chief executive officer Bob Iger got US$36.3 million in compensation last year as the company announced plans to acquire a majority of 21st Century Fox Inc. His pay will probably more than double in fiscal 2018.
Mr Iger, 66, received a US$15.2 million cash bonus tied to results including segment operating income and return on invested capital, the Burbank, California-based company said in a filing Friday. Total compensation fell 17 per cent from a year earlier.
Shrinking TV viewership and fewer films caused annual sales and profit to fall for the first time in almost a decade, but Disney took steps in other areas to boost growth. It bought a majority stake in video streaming platform BamTech, opened an "Avatar"-themed attraction at one of its amusement parks in Orlando, Florida, and announced the US$52.4 billion deal with Fox in December.
Mr Iger has been a permanent fixture on the Bloomberg Pay Index, which ranks the 200 top-paid US executives at public companies, and probably will be near the top after Disney's fiscal year ends on Sept 30.
In conjunction with the Fox deal, he signed a new contract that boosted his regular compensation and entitled him to an additional US$100 million in stock awards. Mr Iger will now serve as CEO until 2021, the fourth time the company postponed his planned retirement date.
The CEO also has a cash bonus of as much as US$60 million that's contingent on Disney generating at least US$78.3 billion in adjusted operating income for the five years ending Sept 30. Operating income must grow by about a third to US$20 billion to reach that target, according to data compiled by Bloomberg.
Mr Iger's pay also included US$17.3 million in equity awards, split between stock options and restricted shares linked to performance, and a US$2.5 million salary.
Senior executive vice presidents Alan Braverman, Christine McCarthy and Kevin Mayer each received about US$8.5 million in total compensation.