Disney CEO received $51.1M in compensation in 2008

The Walt Disney Co.’s Chief Executive Robert Iger received compensation worth $51.1 million in fiscal 2008, up 85 percent from a year earlier, but most of it came in stock options that are currently worthless, according to a regulatory filing made Friday.

Iger received the option to buy 3 million shares at $29.51 each on Jan. 31 last year when he agreed to a new five-year contract through 2013, the Burbank, Calif.-based company said in a filing with the Securities and Exchange Commission.

Those options, including others estimated to be worth $34.4 million when they were granted, are currently worth nothing because the shares closed Friday at $21.46. The options would have value if the shares rose above the strike price.

According to the filing, Iger also declined a $2.4 million bonus related to total shareholder return. Shares have dipped 34 percent since the fiscal year ended Sept. 27.

“He thought it was the appropriate thing to do,” said Disney spokesman Jonathan Friedland.

Over the fiscal year, the share price slipped 2.3 percent, from $33.52 to $32.75. Disney’s annual revenue grew 7 percent to $37.84 billion while net profit fell 5.5 percent to $4.43 billion.

Iger, who also holds the title of president, received a salary of $2 million, non-equity incentive plan compensation of $13.9 million, and other compensation of $773,090, the filing said.

The executive’s other compensation included $107,897 for air travel, $645,368 for security and another $14,400 in reimbursements for such things as health club membership, annual physical exams and other expenses.

The Associated Press calculations of total compensation include salary, bonus, incentives, perks, any above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

They may vary from totals listed in the summary compensation table in the company’s proxy filed with the SEC.

SOURCE

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