Disney CEO Bob Iger's compensation totals nearly $31.4 million
This post has been corrected. See the note at the bottom for details.
The board's compensation committee laid out the case for Iger's package, noting that 90% is tied to Disney's performance. It said the Burbank entertainment giant achieved record net income, revenue and earnings per share in fiscal 2011, and initiated a number of projects that would contribute to the company's future growth -- including expanding attractions at Disney theme parks in Florida, California and Hong Kong, and the joint venture to create a new park in Shanghai.
Media executives' salaries have come under scrutiny in recent years, with media mogul Sumner Redstone and his top lieutenants at Viacom Inc. drawing especially lucrative salaries and compensation packages in 2010. Viacom CEO Philippe Dauman earned the distinction of drawing the largest one in corporate America that year: $84.5 million.
At Disney, the board said it wanted to make sure it retained Iger's expertise through the end of his employment contract, in June 2016, to assist with the transition to a new chief executive. Iger will also assume the title of chairman in March with John Pepper's retirement from the board.
According to a summary of his compensation, Iger collected a base salary of $2 million and stock awards worth $8 million. He received $4.8 million worth of stock options and $15.5 million in bonuses. His corporate perquisites -- personal travel, security and other items, such as vehicle expenses, a health club membership or exercise equipment -- amounted to $962,932. The value of Iger's pension also grew by more than $2 million in the year.
Alan Braverman, Disney's general counsel, collected total compensation of $6.9 million last year, an increase of 3% over 2010. Kevin Mayer, the head of strategic planning, saw a 15% cut in his total compensation, which dropped to $3.6 million for the year.
The company's chief financial officer, Jay Rasulo, received $9.9 million for the year, a gain of 2.5%.
In a note to shareholders, Iger wrote that 10 board members would stand for reelection, signaling that Disney would not replace the late Apple Inc. co-founder Steve Jobs, who died in October.
For the record: 7:17 p.m. Jan. 20: A previous version of this post said Iger received a 13.6% increase in total compensation from 2010.
-- Dawn C. Chmielewski
Walt Disney Co. Chief Executive Bob Iger arrives at the Directors Guild of America Awards. Credit: Dan Steinberg / Associated Press