Eisner gets MORE money...

[General Grizz]

LOS ANGELES (Reuters) - Walt Disney Co. Chairman Michael Eisner's pay package rose 20 percent to $7.3 million in 2003, when earnings rose 2.5 percent and Disney stock jumped 28 percent, company filings showed Tuesday.

The company also said in a proxy for its annual meeting that it was negotiating a deal with the U.S. Securities and Exchange Commission to settle allegations that it failed to properly disclose payments to related parties, such as directors and their families, in 2001.

Eisner, who is also chief executive, made a salary of $1 million, unchanged from the previous two years, and his stock bonus rose to $6.25 million from $5 million in 2002, Disney said. His total pay package rose to $7.3 million from $6.1 million.

Disney has updated its corporate governance and disclosure policies since 2001, but former board member Roy Disney has called the changes superficial during his two-month public campaign to force Eisner to step down.

"If agreement is reached, the settlement under discussion would involve the issuance of an administrative 'cease and desist' order," Disney said in the proxy. The company had earlier disclosed the investigation in its annual report.

President and Chief Operating Officer Bob Iger's package fell to $6.9 million from $7.4 million in 2002, including stock and stock options.

Disney net income rose 2.5 percent to $1.267 billion in fiscal 2003, ended last September, from $1.236 billion the previous year.

Diluted earnings per share rose to 62 cents from 60 cents, and Disney's stock rose 29 percent to $20.17 over the fiscal year.

The SEC investigated Disney's alleged improper disclosure of payments to directors and their families, including Roy Disney's reimbursement for trips in his private corporate jet, the employment of three adult children of directors, and the provision of offices and services to a former director.

Copyright 2004, Reuters News Service

What can you expect?

Company income up 2%...and Eisner gets up 20%??



Not surprising.

 

[FigmentJedi]

I'm not suprised that Eisner has the money IN HIS WALLET to re-build Horizons and WoM, restore JII to what it once was, and to finally build Western River.

 

[NemoRocks78]

Just read this on the Internet Movie Database. Ridiculous I tell you.....

 

[Wilt Dasney]

Just to step in and play Devil's Advocate here.....notice that Eisner's base salary stayed the same. We're talking about stock bonuses here, something probably more analogous to an incentive clause in a baseball contract. It's not like management decided to give him a big raise or anything. I would presume that this is something that's been provided for in his contract for some time, whether you agree with it or not.

 

[Shaman]

congratulation Mr. Eisner.....now how's about you decline and raise salaries...or how about keep Animation studios in Florida open....or how about you stop laying people off.....obviously the company isn't doing so bad...so why all the layoffs....