Lions Gate CEO's compensation booms thanks to Icahn
Carl Icahn's unsuccessful battle to take control of Lions Gate last year did wonders for Jon Feltheimer's bank account.
The Lions Gate chief executive saw his stock-based compensation boom in the company's fiscal year ended March 31, a new Securities and Exchange Commission filing shows. The reason: When dissident shareholder Icahn's stake rose above 33% last June, it triggered a change-in-control provision in Feltheimer's contract that granted the CEO stock worth nearly $4.8 million that immediately vested.
As a result, though Feltheimer's $1.2-million salary and $1.9-million cash bonus were unchanged from the previous fiscal year, his total compensation grew from $3.6 million to $7.9 million.
Vice Chairman Michael Burns, the No. 2 executive at the Santa Monica company behind Tyler Perry's movies and "Mad Men," didn't get a bonus from Icahn's increased stake. His stock-based compensation actually plummeted from the previous fiscal year, resulting in a 65% drop in his total pay package to $2.7 million.
Joseph Drake, president of the studio's motion picture group, got a $733,000 boost from Icahn's move but saw his cash bonus drop almost by half to $400,000. His total compensation was $2 million, down from $2.1 million the previous year.
-- Ben Fritz
Photo: Lions Gate Chief Executive Jon Feltheimer, left, and Vice Chairman Michael Burns at the company's annual meeting in December 2010. Credit: Anne Cusack / Los Angeles Times.