Posted on 01/17/2009 12:40:10 PM PST by television is just wrong
LOS ANGELES (AP) - The Walt Disney Co.'s chief executive, Robert Iger, received a compensation package worth $51.1 million in fiscal 2008, up 85 percent from a year earlier, but most of it came in stock options that are currently worthless, according to a regulatory filing made Friday. Iger received the option to buy 3 million shares at $29.51 each on Jan. 31 last year when he agreed to a new five-year contract through 2013, the Burbank, Calif.-based company said in a filing with the Securities and Exchange Commission. Those and other options, which were estimated to be worth $34.4 million when they were granted, are currently worth nothing because the shares closed Friday at $21.46. According to the filing, Iger also declined a $2.4 million bonus related to total shareholder return. Disney shares have dipped 34 percent since the fiscal year ended Sept. 27. "He thought it was the appropriate thing to do," said Disney spokesman Jonathan Friedland. Over the fiscal year, the share price slipped 2.3 percent, to $32.75 from $33.52. Disney's annual revenue grew 7 percent to $37.8 billion while net profit fell 5.5 percent to $4.43 billion. Iger received a salary of $2 million, non-equity incentive plan compensation of $13.9 million, and other compensation of $773,090, the filing said. The executive's other compensation included $107,897 for air travel, $645,368 for security and another $14,400 in reimbursements for such expenses as health club membership and annual physical exams.
(Excerpt) Read more at breitbart.com ...
Half of what? Most of that compensation package was worthless paper!
still more than most of the companies workers get.
So, is it worth 51 million or is it worthless?
So? Considering the turnaround Iger’s managed to do for Disney since that worthless Eisner got the boot, I’d say he might deserve what he’s being paid.
At least the money didn’t go to that worthless, lying, gun controlling liberal scumbag Michael Eisner.
No one on the face of this planet is worth giving that much money to.
No, but you can be sure some of it went to elect “the one.”
Why do reports like this make my head hurt?
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It’s a gotcha headline that is totally misleading. I suppose the writer is hoping that his or her readers have the attention span of..”of, well newspaper readers”
Nobody is “giving” him anything — he’s earning it.
A) If he creates value for shareholders, then he’s worth.
B) It’s not about fair. Anybody is worth as much as they can negotiate.
Who "gave" him the money? Did someone just walk up to him and say "here ya go!"?
The better question is who established the salary? Again, I repeat, no one presiding over a public company should be given that much money because they’re NOT WORTH IT!
And what does your W-2 say for 2008, comrade? I guarantee you someone in Washington thinks you aren't worth it, either.
The board sets the salary.
Who establishes worth? If he is capable of making decisions that add a billion dollars to a company’s profits, then he’s certainly worth the expense.
Think about what a movie exec does. He gets a pile of hundred and twenty pieces of paper with words on it and decides whether or not to spend $50 to $100 million dollars or more to turn the paper into a very, very long piece of plastic with pictures on it.
Says who? Who is going to decide the worth of another person? You? Bureaucrats?
I'm still amazed at statements like these that prove a rather significant misunderstanding of free-market principles and the concept of economic liberty.
So three million shares at $21.46 are worthless? Can somebody explain that to me? Please!
The shares are only worth something if the price of the stock rises above $21.46. If you received an option to buy three million shares at $21.46 in Citi two years ago, it was a pretty good deal — the stock was trading at $50+. A nifty profit. The same deal today, with the stock at $5.00 is a joke.
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