By Associated Press
The Walt Disney Co. is cutting $13.5 million of CEO Bob Iger’s annual future potential earnings ahead of the closing of Disney’s $71.3 billion acquisition of Fox’s entertainment assets.
The move comes ahead of Disney’s /zigman2/quotes/203410047/composite DIS +0.58% annual shareholder meeting Thursday. A year ago, shareholders voted against Iger’s pay package at the shareholder meeting in a non-binding vote that the company said it would take into consideration for future compensation.
The company is cutting an annual base salary increase of $500,000 that Iger was set to receive when the Fox deal closes and maintains his current base of $3 million. It cuts the annual bonus he was set to receive by $8 million to $12 million. It also cut his annual target long-term incentive award by $5 million to $20 million.