Members of the DreamWorks Animation board would have had a lot of explaining to do if they had awarded execs big raises in a year when revenues fell, the company lost money and the stock price dropped 37.1%. But that didn’t happen this time, according to the company proxy just filed at the SEC: CEO Jeffrey Katzenberg’s compensation came to $6.4 million. It’s a steep drop from 2013, which included $6 million in non-equity incentives, but is more than he made in 2012 ($5.2 million) and 2011 ($4 million).
His package for 2014 includes $2.5 million salary, $3.4 million in stock awards, and $506,136 in other compensation. The “other” category includes $500,936 for personal security services.
While the board didn’t go into detail about DWA’s woes, it notes that the $103 million adjusted-operating loss fell far short of the $61.5 million profit needed to give execs at least half of their annual incentive awards. The bar was set low: The numbers were adjusted to exclude restructuring charges taken last year, as well as some payments tied to the 2013 acquisition of AwesomenessTV.
DWA’s Compensation Committee is chaired by Ariel Investments’ Mellody Hobson. It also includes former Viacom CEO Tom Freston and Universal Music Group’s Lucian Grainge. The company will hold its annual meeting May 26 in Los Angeles.