Pay package for Disney CEO Robert Iger falls 15% in fiscal 2013
Robert Iger, the chairman and chief executive of the Walt Disney Co., saw his compensation package drop last year.
Iger, 62, received total compensation of $34.3 million for the 2013 fiscal year that ended Sept. 28, down about 15% from the previous year as his bonus and pension gains declined.
The Disney chief’s base salary was $2.5 million. His $13.6 million bonus for the year was down just under $3 million. In 2012, he had a bonus of $16.5 million. Iger’s total compensation also included $8.8 million in Disney stock awards and $8.47 million in options, plus about $968,000 in other compensation.
The vast majority of Iger’s pay is tied to Disney’s financial performance. While Disney had a strong year, Iger’s bonus decreased by about $3 million because Disney did not outperform its own expectations by as much as in 2012, the company said in its filing with the Securities and Exchange Commission. Also, the reported value of his pension declined.
Revenue for Disney increased 7% to $45 billion for the fiscal year, while profits increased 8% to 6.1 billion.
Earlier this year, Disney extended its contract with Iger to remain CEO through June of 2016, 15 months longer than previously expected.
James Rasulo, Disney’s senior vice president and chief financial officer, made $10.7 million.
Disney also announced that Jack Dorsey, the chairman of Twitter Inc. and CEO of Square Inc., has joined its board as an independent director. Twitter went public on the New York Stock Exchange in November.
“Jack Dorsey is a talented entrepreneur who has helped create groundbreaking new businesses in the social media and commerce spaces,” Iger said in a statement.
Shares of Disney increased 1.2% to $73.28 on Monday and have gained nearly 49% this year.
[For the record: A previous version of this post said that Robert Iger received no pension benefit in 2013. Actually, the reported value of the pension benefit declined because of an increase in the discount rate used in pension accounting.]
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