Disney CEO Iger Reaps $100 Million of Stock Awards With Fox Deal
(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.
©2017 Bloomberg L.P.