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Disney CEO Iger Reaps $100 Million of Stock Awards With Fox Deal

The CEO’s annual target compensation will increase 62 percent to $48.5 million.

Disney CEO Iger Reaps $100 Million of Stock Awards With Fox Deal
Robert “Bob” Iger, chief executive officer of Walt Disney Co., waves during the opening ceremony of the Shanghai Disney Resort in Shanghai. (Photographer: Qilai Shen/Bloomberg)

(Bloomberg) -- Walt Disney Co. Chief Executive Officer Bob Iger received $100 million in stock awards after the company agreed to a $52.4 billion deal with Rupert Murdoch’s 21st Century Fox Inc.

Iger, 66, was granted 932,996 restricted shares, some of them tied to performance, Burbank, California-based Disney said Thursday in a regulatory filing. His base salary will increase 20 percent to $3 million beginning Jan. 1 and he’ll get an additional $500,000 bump when the deal is completed. His contract was extended by 2 1/2 years through 2021.

The CEO’s annual target compensation will increase 62 percent to $48.5 million, which includes a $20 million bonus and $25 million of stock grants. Iger’s awarded pay last year, which exceeded the target, was $37.7 million, according to the Bloomberg Pay Index.

Fox CEO James Murdoch, son of the media mogul, could be offered a senior job at Disney after the deal is completed, Iger said. Murdoch’s contract doesn’t specify payouts he would get in connection with the deal. He’s entitled to $22 million of severance, health benefits and vesting of outstanding equity awards if he’s dismissed before June 30, there’s a change to his title or reporting responsibilities, or if he must move from New York, according to his employment agreement.

--With assistance from Jenn Zhao

To contact the reporters on this story: Alicia Ritcey in New York at aritcey@bloomberg.net, Anders Melin in New York at amelin3@bloomberg.net.

To contact the editors responsible for this story: Alicia Ritcey at aritcey@bloomberg.net, Peter Eichenbaum, Alan Goldstein

©2017 Bloomberg L.P.