Robert Iger, the chief executive of Walt Disney Co., saw his total compensation decline 17% in the recently concluded fiscal year to $36.3 million, according to the company’s latest proxy statement filed Friday to the Securities and Exchange Commission.
The drop from last year’s $43.9 million was due in part to a smaller cash bonus to Iger that Disney said was the result of an “absence of growth” in the fiscal year.
Iger, who is 66 and has extended his contract with Disney to 2021, received a base salary of $2.5 million, a performance-based bonus of $15.2 million and equity-based compensation (including stock options) valued at $17.3 million. His compensation also includes sums for personal air travel, security and matched charitable contributions.
Last year, Iger’s performance-based cash bonus totaled $20 million.
In November, Burbank-based Disney reported a disappointing fourth quarter, with net income of $1.75 billion, down 1% from the year-ago period. Revenue fell 3% and the company failed to meet analysts’ expectations. Weak results at ESPN were blamed for the miss.
Still, Disney saw another banner year at the box office with hits such as the live-action “Beauty and the Beast” and “Star Wars: The Last Jedi.” The company is once again expected to dominate the annual box office among the major Hollywood studios.
Disney announced last month a blockbuster deal to acquire the majority of the assets of 21st Century Fox, including its film and TV studios. The $52.4-billion deal is the largest in Disney’s history and is expected to better position the entertainment giant as it plans to launch two streaming services in 2019 to compete with Netflix, Apple and other tech giants.
Disney also said Friday that Twitter CEO Jack Dorsey and Facebook chief operating officer Sheryl Sandberg will be leaving the board of directors.
“Given our evolving business and the businesses Ms. Sandberg and Mr. Dorsey are in, it has become increasingly difficult for them to avoid conflicts relating to Board matters, and they are not standing for re-election,” said a Disney spokesperson in a statement.
Two other Disney board members will also be stepping down. Robert W. Matschullat and Orin C. Smith will leave the board pursuant to Disney policies that limit board service to 15 years and set the retirement age at 74, respectively. The Disney board has 12 members.