Disney Signs Chief Iger
To New 5-Year Contract By KATHY SHWIFF and JARED A. FAVOLE
February 1, 2008 5:20 p.m.
The Walt Disney
Co. has signed Chief Executive Robert A. Iger to a new five-year contract.
Mr. Iger's previous contract would have expired Sept. 30, 2010.
The new contract, which ends Jan. 31, 2013, raises the CEO's minimum bonus to $10 million from $7.25 million and grants him an option on 3 million shares, according to a filing Friday with the Securities and Exchange Commission. The value of Mr. Iger's long-term incentive award target was raised to $9 million from $8 million, according to the filing.
For the 2007 fiscal year, Mr. Iger received a pay package valued at $27.7 million, according to Disney's proxy filed in January. He received a $13.7 million bonus and $2 million in salary, and the entertainment giant recorded $7.93 million in expense for Mr. Iger's stock awards and $2.24 million for his option awards.