Disney revealed in regulatory filings today that its chairman and CEO Bob Iger made $36.3 million in compensation in 2017, a 17% drop year-over-year. The news comes less than a month after Disney announced plans to acquire a majority of assets from 21st Century Fox in a mega $52.4 billion merger.
The proxy made public Friday also said that two Silicon Valley-based board members — Facebook’s Sheryl Sandberg and Twitter’s Jack Dorsey — will not seek re-election to their seats in voting at Disney’s annual shareholder meeting. This year’s meeting is now set for March 8 in Houston.
The departures of Sandberg and Dorsey comes as the Disney-Fox deal is being framed as a way for Hollywood to bulk up to compete with the likes of Facebook, Apple, Netflix and Amazon who are diving into the content business.
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“Given our evolving business and the businesses Ms. Sandberg and Mr. Dorsey are in, it has become increasingly difficult for them to avoid conflicts relating to board matters,” a Disney spokeswoman told the Wall Street Journal about the exits.
Earlier in December, Disney’s board announced the election of two new directors: Safra Catz, chief executive of database giant Oracle, and Francis A. deSouza, president and chief executive of biotechnology firm Illumina.
Iger’s compensation included a $15.2 million cash bonus tied to incentives involving operating income and return on capital investments. As part of the Dinsey-Fox deal he extended his contract to 2021, the terms of which will certainly boost his compensation going forward. He is poised to get more than $100 million in stock grants and as much as $60 million in bonues related to performance.
In his new deal, his annual base salary will increase to $3 million in 2018, and then $3.5 million after the Fox deal closes. That is expected to take 12-18 months at is clears regulatory hurdles.
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