Disney Shareholders Reject Bob Iger’s Pay Plan
Disney CEO Bob Iger held Disney Company’s annual shareholders Q & A meeting where they voted on candidates for board of directors.
Iger announced no big changes for now, neither making any changes or rebranding its recently acquired 21st Century Fox. Shareholders also rejected a proposed pay plan that could reward Mr. Iger up to $48.5 million per year over four years, plus an equity grant worth about $100 million.
“The board accepts the result of today’s non-binding vote and will take it under advisement for future CEO compensation,” Aylwin Lewis, chair of the board’s compensation committee said in a statement.
Under a contract extension signed in December to buy assets of 21st Century Fox Inc., Mr. Iger is eligible for $142 million worth of stock. He also received a bump of $500,000 per year for a total $3 million base salary, with a possible $500,000 raise when the purchase is complete.
Mr. Iger’s annual target bonus would increase to $20 million from $12 million when Fox’s film and television studio, cable networks, and other assets become part of Disney.
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