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The 10 highest-paid CEOs for 2008 at Standard & Poor's 500 companies, based on calculations by The Associated Press adding up salary, perks, bonuses, preferential interest rates on pay set aside for later and company estimates for the value of stock options and stock awards on the day they were granted last year, show that the Walt Disney Co's CEO Bob Iger placed 3rd with $51.1 million. And let not forget his "Golden Coffin". So Disney is continuing its ignoble history of overpaying the top exec begun with Iger's predecessor Michael Eisner. Get a clue, Big Media.
Iger Ranks #3 Among Highest Paid CEOs
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$51m is a sickening amount of money, whether they were firing thousands of workers or hiring thousands of workers.
But bearing in mind Disney’s board is stuffed full of CEO’s and ex-CEO’s of other companies, is it any wonder that an orgy of back-scratching goes on?
Meanwhile my Disney stock is down by one third. Ummm, pay for performance? I guess not.
Ovitz was a fiasco, Nikki, but it’s hard to make a case that Eisner was overpaid. “MDE” made that company hundreds of millions of dollars in the first 10 years of his reign.
Granted, in the late ’90’s/early 00’s, Eisner made some lousy business decisions and micro-managed ABC to near-death but, all-in-all, he was a net win for Disney.
I wonder when he will name his successor and 2nd in command? He has had the CEO title for several years and shareholders have yet to hear of a succession plan. The arrogance attached to that is worth discussing alone. It couldn’t possibly be Anne Sweeney. She is the ultimate yes woman which he likes. When Steve Burke left the company they lost the one true successor, but that is now close to 13 years ago.
ALL of those guys are overpaid, ExDisneyDude. Try paying the people WHO ARE ACTUALLY WORKING THERE — the kids at ground zero at all of the parks, the assistants, and mid-management. You know, the folks who actually MUST show up to work in order pay rent. Ridiculous excuses you guys make for playing “grab that dough” when many just sit on their a**** talking on the phone (when they’re in the office), taking long vacations to this house or that house, flying first class to stay in 5 star hotels and billing it all back to the companies becoming part of the overhead keeping the worker bees in the $35k range year after year — and that’s BEFORE taxes. Most of their Corp AmEx bills are more than that per month. Enough with the whining and excuses. You’re right, Nikki. They ARE continuing the trend of overpaying their top execs. Wonder if Iger thinks about the people slaving under him who can’t make car and rent payments? These guys don’t even SEE these people. Ridiculous.
Where is ROY while this goes on? He was thumping Eisner for not getting the stock up and now it is lower than it’s been in years.
Frankly, the lack of oversight from corporate Boards of Directors is the key problem with our entire economy. If they did their job, execs would only get pay when the company and shareholders make money.
And the B.S. about talent fleeing if they don’t get paid. Gimme a break! Really, where is iger going to flee if he got a tenth of that salary?
Since you clearly have an opinion, I’m curious how much you think he should be making?
To be honest, it’s hard to defend that amount of money, given all the layoffs and such, but I still believe Iger will be a huge asset to the company overall. I think he has made some very wise decisions that will pay off to a great extent over the coming years. I would prefer that any corporate board, including the exec team, would take a big hit rather than laying people off, but it’s definitely the way the corporate culture is.
Hopefully we can get these employees back on the payroll very soon!
I see nothing wrong with this.. if the board thinks he deserves that amount.. then he does.. and if the shareholders think otherwise, they can vote in a new board.. but that’s clearly not the case.. so deal with it.
The day Eisner took the $172 million it was raining, and I was shooting the Torkelsons, on videotape. The roof of the crappy production trailer Disney was using (to save a few bucks) was leaking. Water was getting into the tape recorders and causing them to drop out of record. So, I went into the producer’s office (the LA Times with the $172M headline was on her desk) and asked for $100 to buy some viscuine to cover the trailer from the rain. The answer? “We can’t afford it.”
As bad as that is, it was nothing compared to tossing a few crumbs to some birds while Eisner limoed by, then having one of his flunkies show up about a half hour later to let us know if he ever sees that happening again, we’re fired, period.
The guy’s a real piece of shit. As opposed to, say, Walt himself, who also made tons of money, and without being a complete jerk about it.
Well, that makes 51 million more reasons to vote NO on the crappy contract SAG’s crack new negotiating team came up with. If they weren’t so arrogant and selfish they might actually admit they got duped when they bought into the AMPTP’s cry of poverty.
Yes, yes comrades, Down with Capitalism!!
Puh=leaze. Julia, to assert that Disney park employees are slaves is just a bunch of anti-business blather.
If capitalism bothers you so much, Hugo Chavez has set up a system that fits your view. Just don’t say too much out loud in downtown Caracas or you’ll land in jail.
Come on guys, Bobby had to hang with Michael for eight years. Let’s just say his present salary is deferred compensation. Beside the horror of being beck and call to the demeaning, belittling and oppressive MDE while biding time for a fatal heart attack or stock holder revolt, he had to mix with the super nerds Michael favored like the Jody’s and the Murphy’s and all the other creepy Stepfordesque zombies who populated the Burbank lot. Steven Burke was the only executive with half a brain and spit as soon as Bob got the job he wanted himself. Lets face it Bob Iger was the stealth ass kisser and attention and tribute MUST BE PAID.
I’m not too worried about the assertion of “anti-business blather”, savvydude. Capitalism, in this instance, when it’s defined with the typical “if you don’t like it, go live in another country” garbage doesn’t fly. The unemployment rate in the state of California was 8.4 in December 2008. It’s higher now. Yet these practices, when brought to light, are defended by savvy dudes and explained away as “business.” Puh-leaze.
when are the boards of these various companies going to wise up and stop the mega-compensation of people who don’t come through?
tell me, in this whole WORLD, they wouldn’t be able to find
someone who could do the goddamned job for say …
10 million, absolute cap, no ups and no extras.
or hire two people at 7.5 apiece.
51 million? WTF? why?
perhaps the last 8 years of corporate mayhem and the consequent
bailout by us of entitled sociopaths may spell the beginning
of the end of the modern day robber-baron.
Julia, right on. People who think being pro-business and pro-fairness/empathy are mutually exclusive are the same sad throwbacks who think trickle-down econ actually provided anything more than a trickle, usually laced with lead. So yeah, of course, if you’re not for laissez-faire rape ‘n pillage capitalism, you must be pro-Communism! If a foolish consistency is the hobgoblin of little minds, spouting foolish dichotomies just makes you look mindless.
Yes, Eisner, Iger et al. deserve to be given a shitload of money for what they do, but 51 mil is obnoxious in any economy.
File under: “Patrick Verone and David Young Are Ineffective Bloviators”
Somehow it’s okay to bash Iger yet George Soros bags $1 billion off of the turmoil in the markets and that money goes to employ how many people?
If he’s worth it -great. But, I just have a question: doesn’t Disney for the most part hire non-union? In a town where Disney made it’s gazillions on the backs of talented actors and actresses and children to boot isn’t that sort of disgusting?
I just want the wealth the be shared by all those supporting Disney and not only the Actors, actresses and kids, but all the people who work for Disney.
If Mr. Iger has made his zillions because he made this decision, then don’t you think that’s slave labor for the sake of the slave master with a big Mickey Mouse smile on top?
Can someone look into this please? Nikki?
It is sickening. He should take the high road and set an example for others at his level by taking $1 per year for the next 2 years (ditto Anne Sweeney), and save a bunch of jobs that will otherwise be lost when they consolidate ABC Studios with the network. It’s not like his lifestyle will change (though mine will if I’m laid off).
after 9/11, when all the airlines were choking,
Richard Branson and the top brass at Virgin Air
put their salaries on hold while business was bad
to ensure that the pilots, attendants, mechanics
and every other employee involved in the day to day ops GOT PAID.
i think that’s the kind of idea that gives american executives
heart trouble.