Disney CEO’s Pay Increases by Thirty-five Percent
2010 was a good year to be Bob Iger.
The Walt Disney Company Chief Executive saw an increase in pay in 2010 of 35%, jumping to $16.3 million from $12 million the year before, bringing his total compensation to $28 million. The increase by the board of directors’ compensation committee was in recognition of Iger’s “exceptional performance” during a year otherwise marked by a slow economy.
The committee pointed specifically to the success of three of Disney’s cable channels, Disney Channel, ESPN, and ABC Family, as they delivered record ratings. Also noted were exceptionally strong box office performances for both “Alice in Wonderland” and “Toy Story 3.”
Labor unions representing workers for the company have taken issue with Iger’s pay, and would like to see shareholders of the company have a greater voice in executive pay decisions.
There is no denying, however, the strong financial performance of the company as a whole. Disney had a net income of almost $4 billion in 2010, which represented a gain of nearly 20% over the previous year. Revenue was up five percent to reach $38 billion. But while the company’s shares neared a 10-year high of $40 earlier this month after news of favorable anaylyst reports hit Wall Street, its stock closed at $38.85 on Friday, down 61 cents.