Walt Disney Co. CEO Bob Iger collects 35% bump in compensation
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Walt Disney Co. Chief Executive Robert A. Iger commanded a 35% jump in salary and bonuses in 2010, rewarding what the board of directors’ compensation committee called his ‘exceptional performance’ in the face of a slow-recovering U.S. economy.
Iger’s salary and bonus reached nearly $16.3 million, up from $12 million a year earlier. His total compensation, including equity awards, reached $28 million, according to the company’s proxy filed Friday with the Securities and Exchange Commission.
The board’s compensation committee said Iger managed to deliver a strong financial performance for the company. It noted that three of Disney’s cable channels -- Disney Channel, ESPN and ABC Family -- delivered record ratings, and two feature films, ‘Alice in Wonderland,’ starring Johnny Depp, and Pixar Animation’s ‘Toy Story 3,’ reaped $1 billion in global box-office receipts.
The labor union representing hourly workers at the Disneyland Resort hotels has taken issue with Iger’s pay and bonuses and has attempted to give Disney shareholders a greater voice in executive compensation.
Disney’s head of strategic planning, Kevin A. Mayer, collected a 42.5% hike in his salary and bonus to $2.3 million. Including equity awards, his compensation reached $4.1 million, which the compensation committee said recognizes his role in completing Disney’s $4-billion acquisition of Marvel Entertainment in late 2009 and identifying new acquisitions, such as the social gaming company Playdom, for which Disney paid $563.2 million in July.
The entertainment giant reported net income of nearly $4 billion for fiscal 2010, a gain of 20% over the previous year. Revenue reached $38 billion, up 5% from fiscal 2009. The company’s stock flirted with a 10-year high of $40 this month after a trio of favorable analyst reports noted that theme park spending was on the rebound and the revenue picture was improving at Disney’s cable networks.
Disney’s stock closed Friday at $38.85, down 61 cents.
-- Dawn C. Chmielewski