Disney CEO, Bob Iger, Takes Salary Cut
Disney Cuts CEO Bob Iger’s Total Pay By $13.5M As Fox Merger Watch Continues.
The Disney company as amended Bob Iger’s pay, cutting it by $13.5 million which is contingent on the close of the acquisition of 21st Century Fox. The merger is still pending. The merger is getting closer to the finish line as Brazilian regulators have finally signed off.
Deadline reports ” The changes eliminate an annual base salary increase of $500,000, instead keeping Iger’s salary at $3 million a year. Also cut is $8 million in increases in annual target bonus potential that would have happened after the close. The move leaves intact the potential bonus of $12 million. A long-term incentive opportunity was also lowered by $5 million a year to $20 million.”
“I am proud to be leading The Walt Disney Company through this important time and believe the changes I, with the Board, have made are in the best interest of the company,” Iger said in a statement provided to Deadline.
But the biggest chunk of Iger’s compensation came from the stock award connected to the Fox deal, which was valued at $35.35 million. Disney noted that the stock ultimately could be worth as much as $149.6 million if the acquisition wins regulatory approval and closes, and he achieves the highest level of performance.
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