Walt Disney Co. Chief Executive Bob Iger received nearly $31.4 million in total compensation last year, a 13.6% increase from 2010, according to a filing with the Securities and Exchange Commission.
The board's compensation committee laid out the case for Iger's package, noting that 90% is tied to Disney's performance. It said the Burbank entertainment giant achieved record net income, revenue and earnings per share in fiscal 2011, and initiated a number of projects that would contribute to the company's' future growth — including expanding attractions at Disney theme parks in California, Florida and Hong Kong, and the joint venture to create a new park in Shanghai.
Media executives' salaries have come under scrutiny in recent years, with media mogul Sumner Redstone and his top lieutenants at Viacom Inc. drawing especially lucrative salaries and compensation packages in 2010. Viacom Chief Executive Philippe Dauman earned the distinction of drawing the largest one in corporate America that year: $84.5 million.
At Disney, the board said it wanted to make sure it retained Iger's expertise through the end of his employment contract, in June 2016, to assist with the transition to a new chief executive. Iger also will assume the title of chairman in March with John Pepper's retirement from the board.