Iger, Staggs Ink New Employment Deals
Contract Boosts Disney CEO’s Incentive Package
By Mike Farrell -- Multichannel News, 2/1/2008 9:19:00 AM
Walt Disney CEO Robert Iger received a new five-year employment deal, one that raises his annual performance-based bonus to $10 million from $7.25 million and gives him options for 3 m
illion shares.
The agreement, filed with the Securities and Exchange Commission Friday, also increases Iger’s long-term incentive award from $8 million to $9 million. Iger’s old employment deal, signed in 2005, was set to expire on Sept. 30, 2010. The new deal expires on Jan. 31, 2013.
Iger received a compensation package of about $27.7 million in salary, bonuses and other compensation in fiscal 2007, according to Disney’s proxy statement filed in January. Included in that package: $2 million in salary, $7.9 million in stock awards, $2.2 million in option awards and $13.7 million in non-equity incentive plan compensation.
Disney also said in the filing that chief financial officer Thomas Staggs also received a new five-year deal, effective April 1.
As part of that deal, Staggs will receive $1.25 in annual salary -- up from $1.1 million in 2007 -- and a target bonus of up to two times his annual salary, or about $2.5 million (an increase from the $2.2 million he received in fiscal 2007.
Staggs’s new deal also includes an award of 250,000 restricted stock units. He received total compensation of $9.05 million in fiscal 2007, according to the January proxy.
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