Lower paycheck for Disney's Bob Iger in 2013
| Posted: Dec 24, 2013 | Updated: Oct 19, 2014 - 9:25:27 AM
The Walt Disney Company's CEO, Bob Iger, received a 15 percent decrease in pay in 2013. Iger's total pay for the last fiscal year was $34.3 million; in 2012, he received $40.2 million. "More than 90 percent of Mr. Iger's compensation is determined by Disney's financial performance." Disney's results this year have been good; net income has risen 8 percent and stock prices went up 49 percent. However, as good as 2013 was, 2012 had factors that couldn't be beat, such as the opening of Cars Land, The Avengers film, and the purchase of Lucasfilm.
Iger's salary for 2013 was $2.5 million, plus stock options worth $17.3 million. Bonuses were $13.6 million, but were up to $16.5 million in 2012. Iger will remain CEO through summer 2016.
Charles M. Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware, said, "The fact that his compensation went down is a good thing if the company did not reach the same level of performance - it shows internal guidelines working."
Disney also announced that Jack Dorsey, co-founder of Twitter, has been named to Disney's board of directors and will be up for election on March 18. Iger said that "Mr. Dorsey's perspective would be extremely valuable given our strategic priorities."