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.
“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.