With DeSantis Legal Battles Looming Disney Extends Its Top Lawyers Contract
After two years on the job, The Walt Disney Company has extended the employment agreement of its top lawyer, Horacio Gutierrez.
The former Spotify employee will work for Disney through December 31, 2026, and receive an annual base salary of $1.5 million. Gutierrez’s prior employment contract was set to expire at the end of the year.
Gutierrez was originally tapped by Disney to replace retiring long-time legal chief Alan Braverman.
Guttierez Gets A New Title
In addition to getting a new contract, Gutierrez has also been promoted to chief legal officer. He previously served as Disney’s general council.
Additionally, the lawyer will continue to serve as Disney’s chief compliance officer. Gutierrez assumed that role earlier this year when Disney laid off Alicia Schwarz as part of the company’s larger restructuring.
Disney originally recruited Gutierrez two years ago from Spotify, where he served as the music streaming company’s general council. Before that job, the lawyer served as general counsel for Microsoft.
During the 2022 fiscal year, Gutierrez received nearly $15.2 million in compensation. The lawyer also now owns more than $856,000 in Disney stock.
A Lot on the Table
His new employment contract increases Gutierrez’s long-term equity incentive annual award to 600% of his $1.5 million base salary. Going forward, Gutierrez’s base pay cannot dip lower than that number.
During his tenure at Disney, Guttierez has not only dealt with the fallout of the company’s ongoing feud with Florida governor Ron DeSantis, but he also played a key role in ousting former CEO Bob Chapek last year.
The company’s board eventually elected to bring Bob Iger back to fill the CEO role.
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