Base Salary for Walt_Disney

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DIS » Topics » Base Salary

This excerpt taken from the DIS DEF 14A filed Jan 22, 2010.

Base Salary

Employment agreements with Mr. Iger, Mr. Staggs, Mr. Braverman and Mr. Mayer provide for a base salary as follows:

•

Mr. Iger’s employment agreement provides for Mr. Iger to receive an annual salary of at least $2,000,000.

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Mr. Staggs’s employment agreement provides for an annual salary of $1,250,000 from April 1, 2008 through March 31, 2009, $1,325,000 through March 31, 2010, $1,400,000 through March 31, 2011, $1,450,000 through March 31, 2012 and $1,500,000 through March 31, 2013. In light of the adverse economic environment facing the Company’s businesses and efforts to reduce costs in response to these conditions, Mr. Staggs volunteered to defer the increase in his base salary scheduled in his employment agreement for April 1, 2009.

•

Mr. Mayer’s employment agreement provides for an annual salary of $700,000 for the first year of the agreement, effective October 1, 2008, and provides for the Company to set an annual salary of no less than that amount for subsequent years in its sole discretion. In light of the adverse economic environment facing the Company’s businesses and efforts to reduce costs in response to these conditions, Mr. Mayer’s salary was not increased during the fiscal year.

•

Ms. McCarthy does not have an employment agreement, and her salary is adjusted each year at the discretion of the Company. In light of the adverse economic environment facing the Company’s businesses and efforts to reduce costs in response to these conditions, Ms. McCarthy’s salary was not increased during the fiscal year.

The Walt Disney Company Notice of 2010 Annual Meeting and Proxy Statement

This excerpt taken from the DIS DEF 14A filed Jan 16, 2009.

Base Salary

Employment agreements with Mr. Iger, Mr. Staggs, Mr. Braverman and Mr. Mayer provide for a base salary as follows:

•

Mr. Iger’s employment agreement provides for Mr. Iger to receive an annual salary of at least $2,000,000.

•

Mr. Staggs’s employment agreement provides for an annual salary of $1,250,000 from April 1, 2008 through March 31, 2009, $1,325,000 through March 31, 2010, $1,400,000 through March 31, 2011, $1,450,000 through March 31, 2012 and $1,500,000 through March 31, 2013. His prior employment agreement provided for a salary of $1,125,000 from January 1, 2007 through March 31, 2008.

•

Mr. Braverman’s employment agreement provides for an annual salary of $1,100,000 for the first year of the agreement, effective October 1, 2008, and provides for the Company to set an annual salary for subsequent years in its sole discretion as long as the amount is at least $1,100,000. Mr. Braverman’s prior employment agreement provided for a minimum salary of $750,000, with annual increases, if any, to be at the discretion of the Company. In June 2008, the Committee made its annual salary determination for fiscal 2008 and, based on the recommendation of Mr. Iger, approved an increase in Mr. Braverman’s annual salary under the prior agreement from $1,000,000 to $1,050,000 effective February 1, 2008.

•

Mr. Mayer’s employment agreement provides for an annual salary of $700,000 for the first year of the agreement, effective October 1, 2008, and provides for the Company to set an annual salary of no less than that amount for subsequent years in its sole discretion. Prior to that time, the Company did not have an employment agreement with Mr. Mayer. In June 2008, the Committee made its annual salary determination for fiscal 2008 and, based on the recommendation of Mr. Iger, approved an increase in Mr. Mayer’s annual salary from $620,000 to $675,000 effective April 6, 2008.

•

Ms. McCarthy does not have an employment agreement, and her salary is adjusted each year at the discretion of the Company. In June 2008, the Committee, based on the recommendation of Mr. Iger, approved an increase in Ms. McCarthy’s salary from $550,000 to $577,500 effective April 6, 2008.

In making each of the changes in salary described above, the Committee reviewed changes in job responsibility, historical salary levels, performance and contribution made to the Company, the impact on total compensation, competitive conditions and the relationship of compensation to that of other Company officers and determined that the compensation awarded was appropriate to reward performance, ensure retention and maintain appropriate compensation differentials among officers of the Company.

This excerpt taken from the DIS DEF 14A filed Jan 11, 2008.

Base Salary

Among the named executive officers, all but Mr. Mayer are employed pursuant to employment agreements that establish the executive officer’s salary or establish a minimum salary. The following table identifies actions taken during fiscal 2007 with respect to salaries of the named executive officers.


Named Executive Officer		Action
Robert A. Iger		None; maintain $2,000,000 salary
Thomas O. Staggs		Increase from $1,050,000 to $1,125,000 effective January 1, 2007
Alan N. Braverman		Increase from $850,000 to $1,000,000 effective October 1, 2006
Kevin A. Mayer		Increase from $550,000 to $600,000 effective October 1, 2006 and to $620,000 effective April 1, 2007
Wesley A. Coleman		Hired on October 2, 2006 with a three year employment agreement providing for salary of $600,000 for first year, $625,000 for second year and $650,000 for third year

Employment agreements with Mr. Iger, Mr. Staggs, Mr. Braverman and Mr. Coleman provide for a base salary as follows:

•

Mr. Iger’s employment agreement, which became effective October 2, 2005 and continues through October 2, 2010, provides for Mr. Iger to receive an annual salary of at least $2,000,000.

The Walt Disney Company Notice of 2008 Annual Meeting and Proxy Statement

•

Mr. Staggs’s employment agreement, which was entered into in September 2003 and runs through March 2008, provides for an annual salary of $1,050,000 for calendar year 2006 and $1,125,000 for the period of January 1, 2007 through March 31, 2008.

•

Mr. Braverman’s employment agreement, which was entered into in September 2003 and runs through September 2008, provides for an initial annualized salary of $750,000, with annual increases, if any, to be at the discretion of the Company.

•

Mr. Coleman’s employment agreement, which became effective October 2, 2006 and runs through October 1, 2009, provides for an annual salary of $600,000 for fiscal 2007, $625,000 for fiscal 2008 and $650,000 for fiscal 2009.

The Committee decided to increase the salaries of Mr. Braverman and Mr. Mayer, and to set the salary schedule in Mr. Coleman’s employment agreement, based on the recommendation of the chief executive officer. In the cases of Mr. Braverman and Mr. Mayer, the Committee reviewed changes in job responsibility, historical salary levels, performance and contribution made to the Company, the impact on total compensation, competitive conditions and relationship of their compensation to other Company officers and determined that the increases were appropriate to reward performance, ensure retention and maintain appropriate compensation differentials among officers of the Company. In the case of Mr. Coleman, the Committee reviewed the responsibilities Mr. Coleman would be taking on, his prior background, experience and compensation, competitive conditions and negotiations with Mr. Coleman with respect to his hiring and determined that the salary schedule was appropriate to successfully hire Mr. Coleman, ensure retention and maintain appropriate compensation within the Company’s compensation structure.

This excerpt taken from the DIS DEF 14A filed Jan 12, 2007.

Base Salary

Purpose. The objective of base salary is to reflect job responsibilities, value to the Company and individual performance with respect to market competitiveness.

Considerations. Minimum salaries for three of the five executive officers named in the Summary Compensation Table are determined by employment agreements for those officers. These minimum salaries, the amount of any increase over these minimums and salaries for named executive officers whose salaries are not specified in an agreement are determined by the Compensation Committee based on a variety of factors, including:

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the nature and responsibility of the position and, to the extent available, salary norms for persons in comparable positions at comparable companies;

•

the expertise of the individual executive;

•

the competitiveness of the market for the executive’s services; and

•

the recommendations of the President and Chief Executive Officer (except in the case of his own compensation).

Where not specified by contract, salaries are generally reviewed annually.

In setting salaries, the Committee considers the importance of linking a high proportion of named executive officers’ compensation to performance in the form of the annual bonus, which is tied to both Company performance measures and individual performance, as well as long-term stock-based compensation, which is tied to Company stock price performance and performance compared to an external peer group.

Fiscal Year 2006 Decisions. Among the named executive officers, all but

The Walt Disney Company Notice of 2007 Annual Meeting and Proxy Statement

Mr. Mayer and Ms. McCarthy are employed pursuant to agreements described under “Employment Agreements” below.

Mr. Iger’s salary was not changed during the fiscal year, though Mr. Iger’s salary was adjusted upon adoption of his employment agreement in fiscal 2006 to provide that the full amount of the salary would be paid on a current basis instead of deferring a portion of his salary as had been the case under his prior employment agreement.

Mr. Staggs’ salary was increased to $1,050,000 effective January 1, 2006 according to the schedule set out in his employment agreement as described below. Mr. Braverman’s salary was increased to $850,000 effective October 1, 2005. Mr. Mayer’s salary was increased to $550,000 effective April 1, 2006. Ms. McCarthy’s salary was increased to $510,000 effective April 1, 2006. The increases for Mr. Braverman, Mr. Mayer and Ms. McCarthy were based on the factors described above.

This excerpt taken from the DIS 8-K filed Oct 6, 2005.

Base Salary”. The Company shall pay Executive the portion of his Base Salary not deferred at the election of Executive in accordance with its generally applicable policies for senior executives, but not less frequently than in equal monthly installments. Amounts of base salary accrued but deferred pursuant to the terms of the Current Agreement shall be paid to Executive by the Company, together with interest thereon (which interest shall accrue at the rate of the applicable federal rate for mid-term treasuries and which rate shall be reset annually on the basis of the rate in effect for March for each year during which the deferral shall be in effect), promptly following (but in no event more than 30 days after) the first date on which payment of such amounts can be made to Executive without such amounts (i) being non-deductible to the Company by reason of Section 162(m) of the Internal Revenue Code (or any successor provision thereto) and (ii) failing to comply with the provisions of Section 409A of the Internal Revenue Code (or any successor provision thereto).

(b) Incentive Compensation. Executive shall be given the opportunity to earn an annual incentive bonus in accordance with the annual bonus plan generally applicable to the Company’s executive officers, as the same may be in effect from time to time (the “

EXCERPTS ON THIS PAGE:

DEF 14A	Jan 22, 2010

DEF 14A	Jan 16, 2009

DEF 14A	Jan 11, 2008

DEF 14A	Jan 12, 2007

8-K	Oct 6, 2005

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