Walt Disney Co. said Chief Executive Robert Iger received total compensation of more than $30.6 million in 2008, up 11 percent from the year before.
Iger's salary was unchanged at $2 million, according to the company's annual proxy statement filed Friday. His compensation included $7.77 million in stock awards and a $13.9 million bonus. Stock options valued at $5.98 million include previous grants. Other compensation, including perks such as security, club memberships and use of corporate jets for personal reasons, totaled $773,090.
Iger, 57, turned down an additional $2.4 million bonus he was eligible to receive related to total shareholder return, according to the proxy. Disney's share price fell 28 percent over the course of the year as the recession hit the entertainment giant's profits.
With Disney shares now trading at under $22, Iger's stock options are essentially under water. The options to purchase 3 million shares that he was given in 2008, scheduled to vest through 2013, have an exercise price of $29.51 per share. Most of his earlier option grants not yet exercised also have higher exercise prices.
Chief Financial Officer Thomas Staggs' total compensation rose 1.7 percent to $9.2 million. Staggs, 48, earned a $1.19 million salary, and received a $4.1 million bonus and a $2.83 million in stock awards. Option awards totaled $954,000. Other compensation came to $78,000.
Disney also put its entire slate of directors up for election at the shareholders' meeting March 10, including its largest individual shareholder, Apple Inc. Chief Executive Steve Jobs. Jobs last week announced he is taking a five-month medical leave from his own company to deal with health issues.
Disney plans to report fiscal first-quarter results Feb. 3. Shares were up 10 cents, or less than 1 percent, to $21.46 in morning trading on the New York Stock Exchange.
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