The Walt Disney Co.’s board of directors will be taking home more money.
The board nearly tripled its own compensation at a meeting earlier this week, which, it claimed, brought its pay in line with that of other companies’ boards, Reuters reported.
The directors set a $500,000 all-stock retainer for the newly created board chairman and increased nonmanagement-director compensation to $125,000 per year -- about one-half in stock and one-half in cash -- from $45,000, according to Reuters.
Chairman George Mitchell will be paid the new salary retroactive to March 3, when the position was created.
Nonmanagement directors' retainers rise to $65,000 from $45,000, with an extra $10,000 for serving on a committee and $15,000 for serving as a committee chairman, Reuters reported.
Starting Sept. 30, directors will get an additional $60,000 annually in deferred stock, credited quarterly and paid two years later. The previous plan had no deferred-stock provision, Reuters said.
Directors will also keep the option to purchase 6,000 shares annually.