Disney CEO Bob Iger saw his salary drop $1 million in 2016. He had to settle for a measly $43.9 million for all of last year.
Well many people have been bemoaning what an awful year 2016 was, except for Chicago Cubs fans that is. Think of all of the celebrities like David Bowie and Prince who we lost before their times. And now we hear how much poor Bob Iger had to suffer through 2016 too.
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The head of Disney’s compensation was down a whopping 2.3 percent from the previous year, 2015. So why did this have to happen?
https://twitter.com/WaltDisneyCo/status/818951038178770945
Well CNN Money reports that Iger’s loss resulted from Disney’s lagging growth in 2016. The company’s shares dropped 0.08 percent in that year. Its public filing which was released on Friday stated, “Over 90% of Mr. Iger’s target annual total direct compensation depends on the company’s financial results and the performance of Disney stock.”
Robert Iger’s base pay was $2.5 million. The remainder of his compensation came from different types of bonuses: $8.8 million in stock awards, $8.5 million in option awards, $20.0 million in non-equity incentives, $2.9 million in the changed value of his pension, and $1.2 million in other compensation.
Disney had an amazing year at the box office in 2016, thanks largely to Bob Iger’s leadership Its Marvel Studios, which he helped to create, had another box office smash with “Captain America: Civil War.” The movie brought in nearly $1.2 billion around the world. Iger was instrumental in the acquisition of the Marvel comic book empire by Disney.
Disney also acquired Lucas Films and the whole Star Wars franchise while Iger has been with the company. Last year saw the release of “Rogue One: A Star Wars Story, ” the first stand alone film in the history of the franchise and the second Star Wars movie made by Disney. The film has grossed almost $1 billion worldwide and is still in theaters.
So why did Disney stock drop when the stock market overall is setting record highs? Its probably because of its television division, especially the sports cable network ESPN. The channel has seen its viewership plummet and its revenues drop, along with several other Disney owned cable channels.
Robert Iger was named an economic advisor to President Elect Donald Trump and will leave Disney at the end of 2018.
