Disney CEO Bob Iger’s pay package shrank 7 per cent for 2013, despite the entertainment company’s strong financial performance during the year.
Iger received compensation valued at $34.3 million for the year, down from $37.1 million last year.
His compensation fell because the Walt Disney Co. didn’t exceed internal goals by as much this year as it did in 2012, according to a company regulatory filing made Monday. Earnings at the Burbank, Calif. company rose 8 per cent to $6.1 billion in fiscal 2013 after surging by 18 per cent in the previous year.
The slowdown contributed to a decision to trim Iger’s cash bonus by $3 million from the previous year. The value of his stock awards and options also declined.
Iger’s salary stayed steady at $2.5 million. He is due to make the same salary until his current contract expires in June 2016.
Even though Disney’s earnings didn’t grow as much as they did in the previous year, shareholders still fared well. Disney’s stock climbed by 25 per cent during its fiscal year ending Sept. 28, while the Standard & Poor’s 500 index increased by 17 per cent during the same stretch.
The AP’s calculation counts salary, bonuses, perks, stock and options awarded to the executive during the year.