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Disney Executive 2004 Compensation Increased Over 2003

Jan 6, 2005  •  Post A Comment

The Walt Disney Co. CEO Michael Eisner took home about $1 million more in remuneration in fiscal 2004 than he did the previous year, according to the media giant’s proxy statement filed Thursday with the Securities and Exchange Commission.

Mr. Eisner, who last year came under fire from shareholders and was stripped in March of his chairman title, earned $8.31 million in total remuneration for the 12 months ended Sept. 30, compared with a year-earlier figure of $7.32 million.

Although his base salary held steady at $1 million, Mr. Eisner in fiscal year 2004 received a cash bonus of $7.25 million-something he did not receive in the previous year, when he received a $6.25 million bonus in the form of stock units.

Meanwhile, Disney President and Chief Operating Officer Robert Iger pulled in nearly $12 million in fiscal 2004, largely driven by a one-time performance-based stock payout of more than $3.4 million and a cash bonus of $6.5 million. A year earlier Mr. Iger’s take-home pay was $6.39 million.

Thomas Staggs, the company’s chief financial officer, earned a total of $6.38 million in the 2004 fiscal year, up from $2.3 million in the previous year.

Separately, the company’s board of directors on Thursday voted to make permanent the separation between the CEO and chairman titles, acquiescing to shareholders critical of the link between the two positions. The board said that the chairman “shall be an independent director unless the board concludes that the best interests of shareholders would otherwise be better served.”