The Walt Disney Co. chairman and CEO Bob Iger reeled in about $34.3 million in total compensation in fiscal 2013, a nearly 15% haircut from the $40.2 million he received in the previous year, as long term incentives for many Disney executives were cut, according to a proxy statement filed with the Securities and Exchange Commission Monday.
Iger’s base salary was constant at $2.5 million, but his non-equity incentive plan compensation dipped to $13.6 million from $16.5 million in the prior year.
The reason for the decline was not performance based. Disney said in the proxy that while fiscal 2013 was strong, it just didn’t match the strength of the prior year.
“…the company’s outperformance relative to financial measures established by the Compensation Committee did not match the magnitude of outperformance delivered in fiscal 2012, demonstrating the effectiveness of the company’s pay-for-performance compensation plan,” Disney said in the proxy.
The same held true for the other top Disney executives listed in the proxy statement. Chief financial officer Jay Rasulo received $10.7 million in total compensation according to the proxy, down 12.3% from the $12.2 million received in fiscal 2012. Senior executive vice president, general counsel and secretary Alan Braverman took in $6.9 million in fiscal 2013 compensation, down 17% from the $8.3 million he received in the prior year and EVP and chief human resources officer M. Jayne Parker received $3.1 million in total compensation in 2013, down 22% from the $3.99 million she received in the previous year.
EVP of corporate strategy and business development Kevin Mayer received a slight increase in total compensation in fiscal 2013 – 2% or about $100,000 to $4.3 million from $4.2 million in fiscal 2012.