It’s a sweet deal, especially when you consider that Discovery shares lost 2.8% of their value in 2011 and three of the company’s four other top execs made less than they did in 2010. Zaslav’s compensation, reported in an SEC filing, consisted of nearly $3M in salary, $20.3M in stock awards, $23.9M in option awards, $4.8M in non-equity incentives, and $430,379 in other compensation. The last category includes personal use of aircraft, car service and security services. Zaslav’s pay indicates that the Discovery board considers him a rock star: He made nearly nine times more than the average for the other four top execs — up from 7.1 times their average compensation last year. Corporate governance experts consider it a red flag when the top earner makes more than three times the average for his or her closest associates. The company filing notes that former COO Peter Liguori — who left the company at the end of the year — received a $250,000 bonus for his brief tenure as CEO of the company’s struggling OWN joint venture with Oprah Winfrey. That amount was guaranteed; he was not granted the additional $250,000 that was left to the discretion of the Compensation Committee. But he doesn’t have to wait for the Barney’s warehouse sale before he buys more business suits: His severance package includes a $1.1M base salary, $1.3M bonus, and $212,837 in stock options.
Discovery Chief David Zaslav Scores $52.4M In 2011, A 23% Raise
By DAVID LIEBERMAN, Executive Editor | Friday March 30, 2012 @ 7:38pm EDTTags: David Zaslav, Discovery Communications, Peter Liguori
This article was printed from http://www.deadline.com/2012/03/discovery-chief-david-zaslav-scores-52-4m-in-2011-a-23-raise/
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Good God almighty… that’s a nice severance package.
Discovery Board Members Mission Statement
“Discovery’s leadership is dedicated to upholding the highest standards of professional and ethical conduct”
I think that’s hilarious. 52 million dollar CEO. Upholding standards… Maybe they’re turning into Comedy Central.
This is another bizarre story…how in the hell can this man even deserve such a hefty salary increase after siphoning so much money into a dying network like OWN and get nothing in return for it ratings-wise? Have these imbeciles at Discovery lost their minds? Unbelievable and wait, maybe OWN can hire Keith Olbermann to helm a show or two that will draw maybe 10-15 people, if he’s lucky.
Every dollar spent to over-compensate a CEO is a dollar that could’ve been spent to keep another professional in the middle-class. I freelance, because there are no longer any full-time jobs with benefits to do what I do. That used to be okay, because the per hour was high enough to cover all bills. Now, the per hour has been cut by half, and I may lose my apartment. Yet CEOs still make 8 figures.
This is disgraceful. Up until recently they made assistants, interns, and any exec under VP pay for their own parking while Zas keeps figuring out how to inflate his bonus.
yet they will still haggle down way below union rates for most of their shows.
The true meaning of obscene.
This is obscene. I and about 20 other hard working and dedicated discovery employees making less than he makes in a day were laid off last summer to cut costs. Glad we saved the company enough money that dz got his bonus this year.
Unreal. Last year the excuse for the raise was that the stock value increased. This year? More money. My job was one that was eliminated in 2007 (VP level-13 year vet) along with a couple hundred others just that day. That was one of the first rounds of cuts. There have been multiple since including a former colleague who lost their SVP after a 20 year tenure last month. I’m biased and it still hurts. But this is an abdication of corporate responsibility by the board to compensate this carpetbagger ilke this. The programming has become utterly generic, reality junk that is indistinguishable from other basic cable nets. Frozen Planet or anything of quality is usually a BBC production, unlike the old days when Discovery meant quality television. Top is off with the utter failure of OWN, which was Zaslav’s pet project and they give him a raise?! John Hendricks should be ashamed if he were too busy counting his money.