Disney CEO's Pay Surges
12 January 2019 - 1:58PM
Dow Jones News
By Maria Armental
Walt Disney Co. Chief Executive Robert Iger saw the value of his
total compensation last year surge 81% to $65.6 million, the
company said in a securities filing Friday.
The biggest driver of the increase was $35.4 million in stock
awards, a portion of which was due to the extension of his contract
through December 2021. Mr. Iger's salary for the year ended in
September rose to $2.9 million from $2.5 million.
The value of all of Mr. Iger's stock-award holdings, assuming
that the highest level of performance conditions are achieved and
the deal for 21st Century Fox Inc.'s entertainment assets closes,
would be $149.6 million for 2018, according to the filing with the
Securities and Exchange Commission. Following shareholder pushback,
Disney's board last month raised the targets Mr. Iger would have to
clear to collect his performance bonus. Disney shareholders had
rejected, in a nonbinding advisory vote, the compensation plan for
Mr. Iger and other executives.
In comparison, Mr. Iger's total pay a year earlier was valued at
$36.3 million, which included $9 million in stock awards.
Disney also said it plans to reduce its board to nine members
from the current 11 when the annual shareholder meeting occurs
March 7.
Derica W. Rice, a longtime Eli Lilly & Co. chief financial
officer who serves as executive vice president of CVS Health Corp.
and president of CVS Caremark, has been nominated to join the
board. Meanwhile, John S. Chen, Aylwin B. Lewis and Fred H.
Langhammer would leave the board based on Disney's policies that
directors serve for up to 15 years and retire by age 74.
Josh Beckerman contributed to this article.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
January 11, 2019 21:43 ET (02:43 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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