Wednesday , April 25 2018

Disney gives CEO Iger $36.3mn pay

epa06354216 Bob Iger (L), the CEO of The Walt Disney Company, and company mascot Mickey Mouse stand together before ringing the opening bell of the New York Stock Exchange in New York, New York, USA, on 27 November 2017.  EPA-EFE/JUSTIN LANE

Bloomberg

Walt Disney Co. Chief Executive Officer Bob Iger got $36.3 million in compensation in 2017 as the company announced plans to acquire a majority of 21st Century Fox Inc. His pay will probably more than double in fiscal 2018.
Iger, 66, received a $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. Total compensation fell 17 percent 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 $52.4 billion deal with Fox in December 2017.
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 September 30, 2017. In conjunction with the Fox deal, he signed a new contract that boosted his regular compensation and entitled him to an additional $100 million in stock awards. 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 $60 million that’s contingent on Disney generating at least $78.3 billion in adjusted operating income for the five years in September 2017. Operating income must grow by about a third to $20 billion to reach that target, according to data compiled by Bloomberg. Iger’s pay also included $17.3 million in equity awards, split between stock options and restricted shares linked to performance, and a $2.5 million salary.
Senior executive vice presidents Alan Braverman, Christine McCarthy and Kevin Mayer each received about $8.5 million in total compensation.

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