New Walt Disney Co. CEO Robert Iger could reap at least $9.25 million in salary and bonuses during his first full year on the job, according to documents filed with the Securities and Exchange Commission late Thursday.
Iger, who had been Disney president and chief operating officer for about five years, officially replaced retiring CEO Michael Eisner Oct. 2.
According to his five-year employment deal, filed with the SEC Thursday, Iger will receive an annual base salary of $2 million and an annual performance bonus of not less than $7.25 million. In addition, he will be eligible for equity-based long-term incentive awards with an annual target of four times his base salary, or about $8 million. The contract expires Sept. 30, 2010.
According to the filing, the bonuses and incentive awards are not guaranteed -- the actual amounts paid will be based on any performance or service conditions Iger meets.
In the filing, Disney also said Eisner has resigned from the company’s board of directors. That came as somewhat of a surprise, given that Eisner has said earlier that he expected to stay on the board until its next annual shareholders’ meeting.