DreamWorks Animation SKG Inc. Chief Executive Jeffrey Katzenberg took a 53 percent cut in his salary in 2014 after not receiving performance-based incentives, according to documents filed with the Securities and Exchange Commission.
Katzenberg earned $6.4 million in salary, stock awards and other compensation last year, compared with $13.5 million received in 2013. The larger amount reflected $6 million in performance-based incentives.
In contrast, Walt Disney Co. Chief Executive Robert Iger earned $46.5 million last year, which included $22.8 million performance bonus and $17 million in stock awards. Iger earned $34.3 million in 2013.
The fall in Katzenberg’s compensation is no surprise considering that the Glendale studio's shares dropped 36 percent that year as it struggled financially. It released several films that failed to perform at the box office, forcing layoffs and scuttling two merger opportunities.
In January, the studio announced a restructuring of its film division, laying off up to 500 employees, closing its Redwood City facility and reducing its annual output from three to two films. It also sold and leased back its Glendale campus.
Other top DreamWorks executives also saw a decrease in their 2014 compensation after not receiving performance-based incentives.
President Ann Daly’s compensation was cut 48 percent to $4.2 million from $8 million in 2013. Michael Francis, chief global brand officer, had a 47 percent decrease to $3.3 million from $6.1 million.
Shares closed up 16 cents, or a fraction of a percent, to $25.93 on the Nasdaq.
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