Money Matters, Simplified.
Disney CEO's pay drops by 28%
by Ishita Sood - December 24, 2009 - comments
Iger received $6.3 million worth of stock, and $8.3 million worth of options. His total compensation for 2008 was $30.6 million
New York, December 24 -- Robert Iger, the chief executive of Walt Disney Inc., received salary of $2 million, a 28 percent drop from the previous year, according to a statement by the Securities and Exchange Commission.
Iger received $6.3 million worth of stock, and $8.3 million worth of options. His total compensation for 2008 was $30.6 million.
Iger’s perks
Iger also received heavy amount of perquisites and benefits. The CEO got $589,102 as the covering cost of security equipment and services.
He also received reimbursements for his personal air travel and other expenses which totaled to $132,374 and $14,400 respectively.
However, Iger’s bonus fell down by 33 percent this year compared to last year’s bonus. This has been mainly due to the falling revenues of the company.
Disney’s falling revenues
According to Disney’s executive compensation committee, the company was facing “one of the worst national and global economic downturns in the postwar era”.
The board has now decided to end the ‘golden coffin’ perk strategy where posthumous payments are given to families of top executives should they die on the job.
Disney’s net income fell by 25 percent and total shareholder return fell by 7 percent.
New member on board
On Wednesday, Disney nominated Facebook Inc. Chief Operating Officer Sheryl Sandberg as its new director, adding the number of directors to 13.
Shareholders will be voting for Ms. Sandberg in its annual shareholders meeting, which is planned for March 10.
Ms. Sandberg would be responsible for building the online social network operations of Disney as well as managing its sales and business development.
She has been operating chief of Facebook since March 2008. Prior to that, she was global sales and operations executive at Google Inc., and a director at Starbucks Corp.
Other than that Ms Sandberg is also a former chief of staff of the United States Treasury Department. She has also served as a management consultant with McKinsey.
“Sheryl is an outstanding executive who can add incredible value to what is already a diverse and highly experienced group of directors,” said Disney Chairman John E. Pepper Jr.
“She brings great expertise in the online world, considerable international experience and a deep understanding of consumer behavior.”
Sandberg’s name has been included in the Most Powerful Women list. She currently ranks 22nd in the list.