This is the biggest package that DreamWorks Animation CEO Jeffrey Katzenberg has seen since 2009, coming in a year when the stock appreciated 15.4%. It was a bounce back from 2014 — a bitterly disappointing period for the company.
Katzenberg, who controls 60.7% of DWA’s voting shares, made $13.53 million last year, according to a proxy just filed at the SEC. That’s up 112% vs 2014 (when he made $6.38 million) and a little ahead of the $13.48 million he saw in 2013.
The latest package includes: $2.5 million in salary, $5.0 million in stock awards, $6.0 million in non-equity incentives, and $536,919 in other compensation.
Nearly all of the “other” benefit consisted of personal security. DWA says it doesn’t consider that a personal benefit since the company requires it, but attributed the cost to the CEO to comply with “SEC guidance on this issue.”
The board gave Katzenberg 150% of his annual incentive bonus, and said that DWA’s 2015 earnings performance objectives for restricted stock grants “had been satisfied.” But it also noted that the three-year return on equity objectives “had not been satisfied.” In 2014 the stock price dropped 37.1%.
The company ended 2015 with a net loss of $54.8 million, improving from a $309.6 million loss in 2014, on revenues of $915.9 million, up 33.8%.
DWA had 2,300 employees at year end, down 14.8% vs 2014 from a restructuring that followed a string of money-losing releases including Turbo, Mr. Peabody And Sherman, and The Penguins Of Madagascar.
Other DWA execs had a good year: President Ann Daly’s compensation increased 93.4% to $8.0 million and CFO Fazal Merchant’s take rose 87.6% to $4.6 million.
DWA’s Compensation Committee was chaired by Ariel Investments’ Mellody Hobson. It also included Universal Music Group’s Lucian Grainge. Former Viacom CEO Tom Freston began the year on the committee, but in October was replaced by a new board member: former Frontier Communications CEO Mary Agnes Wilderotter.
DWA’s annual meeting will be held June 2 in Los Angeles.