Walt Disney (DIS) gave CEO Robert Iger a contract extension into 2016, with the understanding that he will step down as CEO in March 2015. Iger’s current contract was going to expire in 2013.
Iger will take over as chairman of the Disney board starting in March 2012 when current chairman John Pepper retires, the company said. After he relinquishes his role as CEO, he will stay on as an executive chairman until June 2016.
As part of the agreement Iger’s base salary will be $2.5 million. “His annual bonus award will be calculated based on the Companys performance, including its operating income, return on invested capital, earnings per share and after-tax free cash flow. He will also be entitled to an annual long-term equity incentive award of options and restricted stock units, the ultimate value of which will be entirely dependent on the Companys future financial performance,” the company said in the statement.
Disney shares fell 0.9% in midday trading.
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