Disney Cuts $13.5M in Future Potential Earnings for CEO Bob Iger

Bob Iger appears at the New York Stock Exchange before ringing the opening bell on Nov. 27, 2017 in New York City. (Credit: Angerer/Getty Images)

by: Associated Press

Posted: Mar 4, 2019 / 11:19 AM PST

Updated: Mar 4, 2019 / 11:19 AM PST

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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 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.