The Walt Disney Co. revealed this week that CEO Bob Iger has agreed to slash his future pay by up to $13.5 million, The New York Post reports. The agreement includes cuts to his performance-based pay.
“The Mouse House revealed it had decreased to $35 million what Iger could earn after the company completes its $71 billion merger with Twenty-First Century Fox,” The Post reports. “The $35 million in compensation is down 28 percent from the $48.5 million-a-year pay previously set for the Disney CEO.”
The report adds: “The pay decision was included in an SEC filing ahead of an annual meeting slated for Thursday that will let investors vote on Iger’s compensation on an advisory basis.”
Iger, 68, is still among the highest-paid CEOs of publicly traded U.S. companies, the report notes.