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Wednesday, Nov 29, 2023

Disney Extends Contracts for Iger, Staggs

The Walt Disney Co. board of directors extended by five years its contract with President and CEO Robert Iger. Iger’s new contract to head the entertainment conglomerate expires in January 2013. Since Iger became chief executive in September 2005, Burbank-based Disney posted record revenues and net income. The new contract calls for Iger to receive a minimum $10 million performance-based bonus; and a long-term incentive award of $9 million. “Bob is a talented and visionary leader, under whom Disney has posted increases in growth and profitability that have consistently exceeded expectations,” said board Chairman John E. Pepper Jr. “We are confident he will continue to lead this extraordinary company and talented management team to new levels of creative and business success.” The Disney board also approved a new five-year contract for senior executive vice president and CFO Tom Staggs. The new deal calls for Stagg to receive an annual salary of $1.25 million beginning in April with increases of $75,000 for 2009 and 2010 and $50,000 in 2011 and 2012.

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