Disney chief Bob Iger's bonus falls from 2008, but overall pay is similar

Walt Disney Co.'s chief executive Bob Iger received a total compensation package worth $29 million in 2009 -- a tad less than the $30.6 million of a year earlier.

In addition to his base salary of $2 million, Iger received stock valued at $6.3 million and options worth another $8.3 million. He collected a $9.3-million bonus -- a 33% drop from a year earlier, reflecting the company's weaker financial performance, according to Disney's proxy statement filed today with the Securities & Exchange Commission.

Net income at the Burbank media conglomerate fell 25% in fiscal 2009 from a year earlier, with significant declines at Disney's movie studio and weaker earnings at the company's theme parks because of aggressive discounting.

The value of Iger's pension plan rose by $2.3 million, a shift in the theoretical cost to the company (should Iger retire immediately) caused by a drop in the federal discount rate.

Among the perquisites Iger received was $589,102 to cover the cost of security equipment and services. His personal air travel cost $132,374. Other expenses, including reimbursement for a health club membership or equipment and a car, totaled $14,400.

In 2008, Disney disclosed Iger had received an 11% raise despite a drop in net income for the entertainment giant. The executive's total compensation was announced two weeks before ABC television announced it would eliminate 400 jobs through layoffs and leaving positions unfilled.

--Dawn C. Chmielewski

Comments

[Travis]

Given how many people Disney laid off as "cost-cutting" moves, how the theme parks scale back on janitorial and guest services, and that one Disney employee (Monorail driver) lost his life this year because of the focus on the bottom line at Disney, this is really disgusting.

Iger should be taking a $1 a year salary like some of his counterparts. No one needs this much money. Especially not someone who cuts jobs and affects people's lives in order to line his own pockets.

Abhorrent.