Disney executives Jay Rasulo, Tom Staggs assume new posts
Former Chief Financial Officer Tom Staggs and Parks and Resorts Chairman Jay Rasulo completed their executive job swap this week, and each were awarded similar compensation packages.
Rasulo received a new, five-year employment contract that reflected his role as CFO. He will receive a guaranteed minimum salary of $1.4 million and is eligible for yearly performance-based bonuses of up to 200% of his yearly wage, according to a document filed with the Securities and Exchange Commission. He also can participate in a long-term incentive award equal to 300% of his annual salary -- but the board of directors' compensation committee can adjust the target value of the award based on Rasulo's performance, the economy or market conditions.
In the event Rasulo is terminated without cause -- or he leaves for "good reason" -- he would receive a lump-sum payment of his base salary for the remainder of his contract, a pro-rated bonus for the year, and his outstanding unvested stock options and stock awards, in accordance with the vesting schedule.
Staggs' employment agreement was amended to reflect his new role as head of Disney parks worldwide. His employment agreement calls for a base salary of $1.4 million from April 1 through March 31, 2011, and is also eligible for similar bonuses, long-term incentives and perquisites, according to SEC filings.
--Dawn C. Chmielewski