$17m Performance Package for New Disney Boss

10 October 2005

A sparkling performance from new Mouse House boss Robert Iger's could earn him up to $17.25m (€14.2m; £9.7m) a year in salary, stocks and bonus payments.

Details of the Walt Disney Company ceo's five year contract have been filed with US finance watchdog, the Securities and Exchange Commission.

Iger, who took over the reins from Michael Eisner on October 1, stands to receive a $2m basic salary plus a target bonus of at least $7.25m tied to meeting performance goals.

There is also an annual $8m-plus in equity based compensation, and a one-time grant of 500,000 stock units. These rewards reflect Disney's efforts to meet demands from investors and public officials for performance-based compensation.

Meanwhile, in a surprise move, former ceo Eisner has severed all ties with the company he led for 21 years. He was expected to remain on the Disney board until next year's annual meeting but resigned the day before Iger's coronation.

Commented the company tersely: "[Eisner] no longer provides any services".

Data sourced from Wall Street Journal Online; additional content by WARC staff