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Bob Iger's contract is extended
- Thread starter Rteetz
- Start date
CaptainAmerica
Premium Member
*Fist pump.*
stretchsje
Well-Known Member
Any significance to July 2nd, 2019? I know there were rumors earlier that he wanted to oversee the completion of Star Wars Land.
James Norrie
Well-Known Member
Just proves, you don't need to actually care about the product you're peddling. They'll keep you on! That's why I want to work there lol
CaptainAmerica
Premium Member
That's not nearly enough time. I think, if anything, this would debunk the idea that he wants to run for POTUS.
He'd also get slaughtered. Not to Trump... He'd crush Trump. But he'd never get nominated.
Time to wake up. Even the leaders of the Doom and Gloom movement have been changing their tune lately.
rael ramone
Well-Known Member
BOOOOOOOO!!!!
Gringrinngghost
Well-Known Member
To burst bubbles for now,
From CNN when Interviewing Iger last week:
A lot of people think you should run for POTUS; would you consider it?
Well that's very nice of you. I have a full time job right now, it's called CEO of The Walt Disney Company, and I don't think the notion of running for president is something anyone considers either on a part time basis or a frivolous way.
Will you step down from your position on Trump's policy advisory committee?
I've actually already addressed this. I think it's an opportunity to have the opportunity to speak directly to the President and his administration and I intend to stay on the council and be a voice for Disney, its shareholders, its employees, maybe the fans and in the industry -- I'm the only one from the entertainment industry on that one.
From CNN when Interviewing Iger last week:
A lot of people think you should run for POTUS; would you consider it?
Well that's very nice of you. I have a full time job right now, it's called CEO of The Walt Disney Company, and I don't think the notion of running for president is something anyone considers either on a part time basis or a frivolous way.
Will you step down from your position on Trump's policy advisory committee?
I've actually already addressed this. I think it's an opportunity to have the opportunity to speak directly to the President and his administration and I intend to stay on the council and be a voice for Disney, its shareholders, its employees, maybe the fans and in the industry -- I'm the only one from the entertainment industry on that one.
ParentsOf4
Well-Known Member
Allows Iger to take a victory lap for the opening of Star Wars Land.
Heaven forbid someone else is standing front and center for that, stealing credit.
Tom P.
Well-Known Member
I can see what you're saying, but candidates do announce as late as July. Kasich did it in 2016. He already has a tremendous infrastructure among both business and political elites. And with his net worth, he's got the money to kick start a campaign quickly if he chooses. That being said, I'm not saying it's likely, but I think it's still possible.
As to his getting nominated, I would imagine that would depend on who else the Democrats have running for the nomination. We assume Trump will be the GOP nominee for re-election, though I submit that even that is not certain, but we really still have no idea who the Democratic field will be in four years.
Gringrinngghost
Well-Known Member
Also Disney's Press Release:
THE WALT DISNEY COMPANY BOARD OF DIRECTORS EXTENDS ROBERT A. IGER’S CONTRACT AS CHAIRMAN AND CEO TO JULY 2, 2019
BURBANK, Calif., March 23, 2017—The Walt Disney Company (NYSE
IS) Board of Directors announced today that it has extended Robert A. Iger’s contract as Chairman and Chief Executive Officer to July 2, 2019.
“Given Bob Iger’s outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney’s future, it is obvious that the Company and its shareholders will be best served by his continued leadership as the Board conducts the robust process of identifying a successor and ensuring a smooth transition,” said Orin C. Smith, Independent Lead Director of the Disney Board.
Mr. Smith continued: “Mr. Iger has led The Walt Disney Company to unprecedented success during his 11 years as CEO, driving Disney to new creative heights, expanding the Company’s global reach, fostering technological innovation, and delivering year-after-year of record financial results. During his tenure, Mr. Iger has created enormous value for shareholders, with total shareholder return of 448%, compared to 144% for the S&P 500, and a dramatic increase in the Company’s market capitalization to $177 billion from $46 billion.”
“Leading this great company is a tremendous privilege, and I am honored to have been asked to continue serving as CEO through July 2, 2019,” Mr. Iger said. “Even with the incredible success the Company has achieved, I am confident that Disney’s best days are still ahead, and I look forward to continuing to build on our proven strategy for growth while working with the Board to identify a successor as CEO and ensure a successful transition.”
Details of the agreement will be included in a Form 8-K filed today.
Since Mr. Iger, 66, became CEO, The Walt Disney Company has been recognized as one of the “Most Reputable Companies” in both America and the world by Forbes magazine (2006-2017); one of “America’s Most Admired Companies” by Fortune magazine (2009-2017); one of the “World’s Most Respected Companies” by Barron’s (2009-2016); one of the “Best Places to Launch a Career” byBusinessWeek magazine (2006-2010); and as “Company of the Year” by Yahoo Finance (2013).
THE WALT DISNEY COMPANY BOARD OF DIRECTORS EXTENDS ROBERT A. IGER’S CONTRACT AS CHAIRMAN AND CEO TO JULY 2, 2019
BURBANK, Calif., March 23, 2017—The Walt Disney Company (NYSE
IS) Board of Directors announced today that it has extended Robert A. Iger’s contract as Chairman and Chief Executive Officer to July 2, 2019.“Given Bob Iger’s outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney’s future, it is obvious that the Company and its shareholders will be best served by his continued leadership as the Board conducts the robust process of identifying a successor and ensuring a smooth transition,” said Orin C. Smith, Independent Lead Director of the Disney Board.
Mr. Smith continued: “Mr. Iger has led The Walt Disney Company to unprecedented success during his 11 years as CEO, driving Disney to new creative heights, expanding the Company’s global reach, fostering technological innovation, and delivering year-after-year of record financial results. During his tenure, Mr. Iger has created enormous value for shareholders, with total shareholder return of 448%, compared to 144% for the S&P 500, and a dramatic increase in the Company’s market capitalization to $177 billion from $46 billion.”
“Leading this great company is a tremendous privilege, and I am honored to have been asked to continue serving as CEO through July 2, 2019,” Mr. Iger said. “Even with the incredible success the Company has achieved, I am confident that Disney’s best days are still ahead, and I look forward to continuing to build on our proven strategy for growth while working with the Board to identify a successor as CEO and ensure a successful transition.”
Details of the agreement will be included in a Form 8-K filed today.
Since Mr. Iger, 66, became CEO, The Walt Disney Company has been recognized as one of the “Most Reputable Companies” in both America and the world by Forbes magazine (2006-2017); one of “America’s Most Admired Companies” by Fortune magazine (2009-2017); one of the “World’s Most Respected Companies” by Barron’s (2009-2016); one of the “Best Places to Launch a Career” byBusinessWeek magazine (2006-2010); and as “Company of the Year” by Yahoo Finance (2013).
CaptainAmerica
Premium Member
Exactly why he won't get nominated.
rushtest4echo
Well-Known Member
I don't think the Democrats have gone full blown insurgency yet. If anything, they need a brand makeover and who better than Iger knows how to market a brand?
I know that's political, so from now on I'll try to stick to Iger's declared employer until that changes.
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rael ramone
Well-Known Member
Jim Stewart on CNBC now.
'Disney CEO's have a history of staying...too....long...'
He said he's surprised that it's only for 1 year.
ESPN can't be expected to be a growth engine with cables decline...
Can they milk Star Wars forever?...
July 2019 exit might be a little late if he wants to run for POTUS.
And he said that there's still a deadline coming up for finding a successor...
'Disney CEO's have a history of staying...too....long...'
He said he's surprised that it's only for 1 year.
ESPN can't be expected to be a growth engine with cables decline...
Can they milk Star Wars forever?...
July 2019 exit might be a little late if he wants to run for POTUS.
And he said that there's still a deadline coming up for finding a successor...
Tom P.
Well-Known Member
I don't want to say to much for fear of running afoul of the "no politics" rule. But Trump had the exact same kind of infrastructure, he just managed to market and brand himself as an "outsider" in spite of that. I don't know if Iger could accomplish that same feat or not, but he's certainly an expert at marketing!
Gringrinngghost
Well-Known Member
Fun Facts from the Form 8-K
Taken Directly from the form below:
If Mr. Iger remains in the Company’s employment until July 2, 2019 (the “Expiration Date”), Mr. Iger will receive a cash bonus of five million dollars in addition to an award for fiscal 2019 under the Company’s Management Incentive Bonus Program
Following the termination of his employment at the Expiration Date, to enable the Company to have access to Mr. Iger’s unique skills, knowledge and experience with regard to the media and entertainment business, Mr. Iger will serve as a consultant to the Company for a period of three years following the Expiration Date (the “Consulting Period”).
In consideration of his consulting services, Mr. Iger will receive a quarterly fee of $500,000 for each of the first 8 quarters during the Consulting Period and $250,000 for each of the last four quarters of the Consulting Period.
For the three years following termination of employment, the Company will also provide Mr. Iger with the same security services (other than the personal use of a Company provided aircraft) as it has made available to him as Chief Executive Officer.
--- My note: This one is a bit odd where if he gets fired he works for them still... ---
If Mr. Iger’s employment terminates prior to the Expiration Date other than due to his voluntary resignation or a termination by the Company for cause, generally subject to the conditions otherwise applicable under such Agreement to the provision of certain conditional benefits, the Company will be obligated to provide him the compensation described above, and Mr. Iger’s consulting obligations to the Company will commence at the date of such termination.
--- My Note: So if he resigns or gets fired, he's still a consultant, still has the same security. ---
Payments now, time for the payment info direct from the Amendment to Amended and Restated Employment Agreement
[Mr. Igers] base salary, target annual incentive and target award value under Section 3(a), 3(b) and 3(c) of the Agreement for any fiscal year during the Employment Period after fiscal year 2018 shall be the same as those that apply for fiscal year 2016 and the awards for such years shall be subject to the same terms and conditions as the awards granted in fiscal 2016.
--My Note: that 5 Million mentioned above, it's in cash. Also he doesn't have to do a lot for the consultation. They can't use him for more than "20 hours in any given 30-day period, or an aggregate of (A) 200 hours during either of the 12-month periods following the Expiration Date and the first anniversary of the Expiration Date, or (B) 100 hours during the 12-month period following the second anniversary of the Expiration Date." --
So yeah... If he remains in the Company’s employment until July 2, 2019 he gets a nice extra 5Mil payday in cash. However he also has to be a consultant for 3 years after (even if he gets fired). But hey, it offsets it with the cost of his security... and he won't have to work long after either for an extra 5Mil...
Form 8-K: https://www.sec.gov/Archives/edgar/data/1001039/000100103917000062/fy2017_q2x8kxigeramendment.htm
AMENDED AND RESTATED EMPLOYMENT AGREEMENT: https://www.sec.gov/Archives/edgar/data/1001039/000100103917000062/fy2017_q2x8kxex101xigerame.htm
Complete submission text file: https://www.sec.gov/Archives/edgar/data/1001039/000100103917000062/0001001039-17-000062.txt
Taken Directly from the form below:
If Mr. Iger remains in the Company’s employment until July 2, 2019 (the “Expiration Date”), Mr. Iger will receive a cash bonus of five million dollars in addition to an award for fiscal 2019 under the Company’s Management Incentive Bonus Program
Following the termination of his employment at the Expiration Date, to enable the Company to have access to Mr. Iger’s unique skills, knowledge and experience with regard to the media and entertainment business, Mr. Iger will serve as a consultant to the Company for a period of three years following the Expiration Date (the “Consulting Period”).
In consideration of his consulting services, Mr. Iger will receive a quarterly fee of $500,000 for each of the first 8 quarters during the Consulting Period and $250,000 for each of the last four quarters of the Consulting Period.
For the three years following termination of employment, the Company will also provide Mr. Iger with the same security services (other than the personal use of a Company provided aircraft) as it has made available to him as Chief Executive Officer.
--- My note: This one is a bit odd where if he gets fired he works for them still... ---
If Mr. Iger’s employment terminates prior to the Expiration Date other than due to his voluntary resignation or a termination by the Company for cause, generally subject to the conditions otherwise applicable under such Agreement to the provision of certain conditional benefits, the Company will be obligated to provide him the compensation described above, and Mr. Iger’s consulting obligations to the Company will commence at the date of such termination.
--- My Note: So if he resigns or gets fired, he's still a consultant, still has the same security. ---
Payments now, time for the payment info direct from the Amendment to Amended and Restated Employment Agreement
[Mr. Igers] base salary, target annual incentive and target award value under Section 3(a), 3(b) and 3(c) of the Agreement for any fiscal year during the Employment Period after fiscal year 2018 shall be the same as those that apply for fiscal year 2016 and the awards for such years shall be subject to the same terms and conditions as the awards granted in fiscal 2016.
--My Note: that 5 Million mentioned above, it's in cash. Also he doesn't have to do a lot for the consultation. They can't use him for more than "20 hours in any given 30-day period, or an aggregate of (A) 200 hours during either of the 12-month periods following the Expiration Date and the first anniversary of the Expiration Date, or (B) 100 hours during the 12-month period following the second anniversary of the Expiration Date." --
So yeah... If he remains in the Company’s employment until July 2, 2019 he gets a nice extra 5Mil payday in cash. However he also has to be a consultant for 3 years after (even if he gets fired). But hey, it offsets it with the cost of his security... and he won't have to work long after either for an extra 5Mil...
Form 8-K: https://www.sec.gov/Archives/edgar/data/1001039/000100103917000062/fy2017_q2x8kxigeramendment.htm
AMENDED AND RESTATED EMPLOYMENT AGREEMENT: https://www.sec.gov/Archives/edgar/data/1001039/000100103917000062/fy2017_q2x8kxex101xigerame.htm
Complete submission text file: https://www.sec.gov/Archives/edgar/data/1001039/000100103917000062/0001001039-17-000062.txt
Gringrinngghost
Well-Known Member
Declared candidates
Geoffrey Fieger ; Rocky De La Fuente
Candidates who have publicly expressed interest
Lincoln Chafee ; Terry McAuliffe ; Martin O'Malley
Speculative candidates
Xavier Becerra ; Jerry Brown ; Steve Bullock ; Julian Castro
Hillary Clinton ; Bill de Blasio ; John Bel Edwards ; Jason Kander
Caroline Kennedy ; John Kerry ; Bernie Sanders ; Tom Steyer
Elizabeth Warren
Sofar Declined to be candidates
Joe Biden ; Cory Booker ; Sherrod Brown ; George Clooney
Mark Cuban ; Andrew Cuomo ; Al Franken ; Kirsten Gillibrand
Kamala Harris ; John Hickenlooper ; Bob Iger ; Jay Inslee
Tim Kaine ; Joseph P. Kennedy III ; Chris Murphy ; Gavin Newsom
Sheryl Sandberg ; Howard Schultz ; Mark Warner ; Oprah Winfrey
So Iger if he runs, might have some troubled times ahead.
I think you misinterpreted what that section is saying. If he voluntarily resigns or is fired for cause, then his consulting duties will not occur. If his employment terminates for any other reason, then he would immediately begin consulting duties.