While many continue to lose their jobs and homes, the man at the helm of Mickey Mouse in Orlando got a whopping pay increase last year.
Bob Iger, Walt Disney Company Chief Executive Officer, saw his pay jump by 35 percent in 2010 to $16.3 million from $12 million the year before, bringing his total compensation to $28 million.
Disney’s board of directors’ compensation committee said that the increase in Iger’s pay was in recognition of his “exceptional performance” during a slow economy.
But, evidently the slow economy did not much affect the Walt Disney Company which a showed strong financial performance overall. Disney reported a net income of almost $4 billion in 2010, an increase of 20 percent over 2009. Revenue for the company topped $38 billion, up 5 percent from the previous year.
Meanwhile, Disney had for months been locked in contract talks with labor unions representing workers, many of whom make as little as $7.45 an hour.
At issue was a bonus of $500 for full time employees and increases between 3-4 percent over a period of three and a half years, for those workers not at the top of their pay grade, while those who had topped out, would receive a smaller raise of 2-2.5 percent. Critics of the proposal argued that rising health insurance premiums would wipe out the small increases that were being offered.
But, if even health insurance premiums were to rise, Mr. Iger would have no worries, given his 35 percent pay increase.
Meanwhile, labor unions continue to take issue with Iger’s pay and would like company shareholders to have much more say in the compensation of company executives.
