Since returning to the helm at Disney in November 2022, CEO Bob Iger has already pocketed substantial compensation, receiving roughly $31.6 million in earnings during most of the entertainment giant’s fiscal year that ended in September, according to an SEC filing.
Additionally, the Walt Disney Company board of directors sent out 12 nominee recommendations ahead of their upcoming annual meeting of shareholders election, the company announced Tuesday, in turn formally rejecting Nelson Peltz’s bid to join the company’s board.
Instead, they unanimously recommended that shareholders vote for Mary T. Barra, Safra A. Catz, Amy L. Chang, D. Jeremy Darroch, Carolyn N. Everson, Michael B.G. Froman, James P. Gorman, Robert A. Iger, Maria Elena Lagomasino, Calvin R. McDonald, Mark G. Parker and Derica W. Rice.
The people suggested are highly vetted with years of expertise. Mark G. Parker serves as chairman of the Disney Board, as well as executive chairman of Nike, Inc. and was its former chairman, president and CEO. Mary T. Barra is chair and CEO of General Motors, while Safra A. Catz is CEO of Oracle Corp., as well as its former president. Amy L. Chang is a former senior executive at Cisco Systems, Inc. and Google and a current director of Procter & Gamble Co.
And that’s to say nothing of Iger himself, who currently serves as CEO of the Walt Disney Company.
“The nominees reflect Disney’s ongoing commitment to a strong Board focused on the longterm performance of the company, strategic growth initiatives, the succession planning process and increasing shareholder value,” the statement from the board read.
The move comes a month after Trian Fund Management, which owns $3 billion in Disney stock, submitted notice of its intention to nominate founding partner Peltz and former Disney chief financial officer Jay Rasulo as independent directors on Disney’s board.
In the notice of recommendations, the board said they did not endorse Peltz and Rasulo’s nominations and recommend shareholders do not vote for the Trian Group nominees. In that same statement, they mentioned the November hiring of James P. Gorman, chairman and CEO of Morgan Stanley, and Sir Jeremy Darroch, a veteran media executive and former group chief executive of Sky, as new members.
Iger’s compensation from Disney comprised significant stock awards and cash bonuses totaling over $28 million, including $16.1 million in stock grants and another $10 million in stock options. He also collected $2.1 million in performance-based cash incentives. Iger’s base pay stood at $865,000 for the partial year since resuming leadership of the media conglomerate.
