Disney Extends Terms For Four Top Execs Ahead Of Bob Iger’s 2019 Exit

Four of Disney’s top execs just agreed to contract extensions, potentially maintaining stability in the C-Suite as CEO Bob Iger prepares to leave in July 2019.

General Counsel Alan Braverman will stay to July 2, 2019 (from his previous end date of March 31, 2018), according to an SEC filing. Chief Strategy Officer Kevin Mayer and CFO Christine McCarthy will go to June 30, 2021 (from June 30, 2019).

And Chief Human Resources Officer Jayne Parker has a new contract that runs to June 30, 2021.

Parker’s agreement guarantees her an annual salary of $975,000, plus a collection of bonuses and benefits.

Braverman picks up a long-term incentive award targeted at “not less than 225% of his annual base salary at the end of the preceding fiscal year,” the document says.

And Mayer and McCarthy’s salaries are pegged at a minimum of $1.5 million with “a long-term incentive award having a target value of not less than three times his/her annual base salary at the end of the preceding fiscal year.”

At the end of Mayer’s term, Disney will pay him $200,000 to stay for at least a year to serve as a consultant.

Disney has not designated an heir apparent for Iger since last year when then-COO Tom Staggs resigned.

In his new contract, Iger agreed to serve as a consultant for three years after the term expires. He’ll be paid $2 million a year for two years, and $1 million for the third year.

This article was printed from https://deadline.com/2017/08/disney-extends-terms-four-top-execs-ahead-bob-iger-2019-exit-1202151374/