http://www.orlandosentinel.com/the-daily-disney/os-disney-union-vote-20110225,0,4929098.story
Disney workers vote to approve new union contract
By Jeff Weiner and Jason Garcia, Orlando Sentinel
10:15 p.m. EST, February 25, 2011
Members of Walt Disney World's largest union group today voted by a large majority to approve a new labor contract, after months of at-times cantankerous negotiations.
However, leadership of two of the six unions that make up the Services Trades Council decried the vote — a sign that, while the negotiations are over, at least some of the discontent may remain.
Harris Raynor, president of the Services Trades Council, confirmed that the vote passed 4,987-2,099, in what he called "a victory for the workers who are represented by the unions."
The vote was the second for members of the Service Trades Council, a coalition of six unions that together represent roughly 20,800 full-time Disney employees.
Unite Here! Local 362 president Eric Clinton and United Food and Commercial Workers Local 1625 president Ed Chambers also confirmed the results.
"We are pleased with the outcome of the vote today," Steve Eisenhardt, vice president of labor relations for Walt Disney Parks and Resorts, said in a statement. "Both the voter turnout and the support of the new contract were tremendous."
The contract is similar to one rejected in October by 3,880-3,350 vote. It calls for $650 in combined bonuses for all full-time, non-tipped employees and, for workers not already at the top of their pay scales, annual raises of between 3 percent and 4 percent over the next three years.
The most significant difference in the new contract: Full-time, non-tipped workers earning $8.50 an hour or less would get an extra $100 bonus.
The leadership of four of the six unions that comprise the Services Trades Council have endorsed the contract offer. But two — Unite Here! Local 362 and United Food and Commercial Workers Local 1625 — have urged workers to vote against it, arguing that the raises are not equitably distributed among job classifications and they are not large enough to offset rising health-insurance premiums for employees with family coverage.
Chambers, whose union voted about 82 percent to oppose the proposal, said that he was disappointed in the results of the vote.
"Disney was able to divide and conquer the unions," Chambers said. He and Clinton, who also opposed the proposal, accused the other unions of using the possibility of a strike to intimidate workers into voting in favor of the new contract.
"People forgot from the other unions that Disney is the one we should be taking on, not each other," Clinton said.
Raynor, however, pointed to the turnout and size of the majority as evidence that the union's membership had spoken.
"We feel very strongly that this was an extremely democratic vote," Raynor said.
jeweiner@tribune.com or 407-420-5171. jrgarcia@tribune or 407-420-5414
Friday, February 25, 2011
Friday, February 18, 2011
Thursday, February 17, 2011
I'm going to vote NO!
“When Disney makes as much money as they do – 1.3 Billion in 3 months - they can afford to pay us more. All of the cast members make that money for the Company, from our hard work. If we all stand together, we can make Disney a better place for everyone to work. Vote NO with me on February 25.”- Travis Joyner, Animal Kingdom Attractions Coordinator
Vote NO with me!
- Madeline Lugo, Water Parks Custodial
I'm voting NO too!
“If Bob Iger can get a 30% raise, why am I only being offered 2%? I actually do the work that makes Disney money. I am voting NO because I am worth more. Stand up with me to show Disney that WE make the magic.”- Jim Mykins, DTD Custodial
Wednesday, February 16, 2011
I'm also voting NO!
“I can barely afford to pay my medical bills today. If Disney is able to take even more from my check for health insurance, I don’t know what I’m going to do. With all the money that Disney makes, how can they ask us to pay so much more? I know Disney can do better than this. I am voting NO on February 25.”- Kim Hanley, AK Custodial
Tuesday, February 15, 2011
I'm voting NO!
“My wife and children are covered by my health insurance. We struggle to make ends meet today. I can’t imagine having to pay an extra 38 dollars a week when my wages aren’t going to go up enough to cover the health insurance costs. Stand with me and vote NO. I know Disney can do better!”- Joseph Guiteau, POP/CBR Custodial
Saturday, February 12, 2011
Joint press release from UFCW and UNITE HERE! on contract agreement
DISNEY UNIONS DIVIDED OVER CONTRACT ENDORSEMENT
Lake Buena Vista, FL, February 11, 2011 – After nearly nine months of negotiations, the Service Trades Council Union (STCU) and Walt Disney World will take a revised contract offer before the membership for a vote on February 25, 2011. Disney’s first offer was rejected in October, and a Federal Mediator was brought in to assist the parties.
Although Disney steadfastly maintained that it’s first offer was “fair and competitive” and not going to improve, the Company did reinstate a $100 bonus that was an incentive to ratify on the first vote and it subsequently pulled out of the offer when it was rejected. Disney also added an extra $100 for employees making $8.50 or less to the $550 bonus already on the table. This movement represents nearly 2.5 million dollars extra on the table than before.
United Food and Commercial Workers Local 1625 (UFCW) and UNITE HERE! Local 362 voted to oppose the current offer and will urge their members to vote to reject it. Four of the six STCU Affiliate unions: Local 737; Teamsters Local 385; TCU District 1908 and IATSE Local 631 voted to recommend the contract.
Throughout negotiations, the UFCW and UNITE HERE! maintained that raises were not equally distributed. Over 30 job classifications represented not only by their unions, but the other four STCU Affiliates, will be getting the lowest wage increases of 3%. Additionally, the rise in health care premiums will not be offset by the raises and many employees will make less at the end of the contract than they do today.
“We feel that we got the Company’s attention, and it made a difference,” said Isaac Cropp, Vice-President of UNITE HERE! Local 362. The opposing unions took action after the first offer was rejected by leafleting, holding rallies, and producing the video, “MOUSETRAPPED 2010”, in which union members told their stories about struggling to survive on Disney wages. “We are disappointed that our fellow unions did not choose to stand with us and fight for a fair contract for all, as we know Disney could have done more,” said Julee Jerkovich, Secretary-Treasurer of UFCW Local 1625.
The Service Trades Council Union represents nearly 29,000 hard working cast members at the Walt Disney World Resort.
Lake Buena Vista, FL, February 11, 2011 – After nearly nine months of negotiations, the Service Trades Council Union (STCU) and Walt Disney World will take a revised contract offer before the membership for a vote on February 25, 2011. Disney’s first offer was rejected in October, and a Federal Mediator was brought in to assist the parties.
Although Disney steadfastly maintained that it’s first offer was “fair and competitive” and not going to improve, the Company did reinstate a $100 bonus that was an incentive to ratify on the first vote and it subsequently pulled out of the offer when it was rejected. Disney also added an extra $100 for employees making $8.50 or less to the $550 bonus already on the table. This movement represents nearly 2.5 million dollars extra on the table than before.
United Food and Commercial Workers Local 1625 (UFCW) and UNITE HERE! Local 362 voted to oppose the current offer and will urge their members to vote to reject it. Four of the six STCU Affiliate unions: Local 737; Teamsters Local 385; TCU District 1908 and IATSE Local 631 voted to recommend the contract.
Throughout negotiations, the UFCW and UNITE HERE! maintained that raises were not equally distributed. Over 30 job classifications represented not only by their unions, but the other four STCU Affiliates, will be getting the lowest wage increases of 3%. Additionally, the rise in health care premiums will not be offset by the raises and many employees will make less at the end of the contract than they do today.
“We feel that we got the Company’s attention, and it made a difference,” said Isaac Cropp, Vice-President of UNITE HERE! Local 362. The opposing unions took action after the first offer was rejected by leafleting, holding rallies, and producing the video, “MOUSETRAPPED 2010”, in which union members told their stories about struggling to survive on Disney wages. “We are disappointed that our fellow unions did not choose to stand with us and fight for a fair contract for all, as we know Disney could have done more,” said Julee Jerkovich, Secretary-Treasurer of UFCW Local 1625.
The Service Trades Council Union represents nearly 29,000 hard working cast members at the Walt Disney World Resort.
Friday, February 11, 2011
Sentinel Article
http://www.orlandosentinel.com/the-daily-disney/os-disney-union-contract-20110211,0,6437620.story
Disney World, unions have 2nd tentative contract
By Jason Garcia, Orlando Sentinel
6:44 p.m. EST, February 11, 2011
Negotiators for Walt Disney World and its largest labor group stuck a deal Friday afternoon on a new proposed contract, ending a months-long stalemate, after the resort sweetened bonuses for some workers.
The revised offer will now head to a vote before the full membership of the Service Trades Council, which represents more than 20,000 full-time workers at Disney World. The vote is scheduled for Feb 25. (note: Local 362 and UFCW vote at Contemporary)
It will be the second contract vote for workers, who rejected Disney's first offer in October.
"I'm very pleased we were able, after all this time, to finally reach an agreement that allows people to have another chance to vote," Service Trades Council president Harris Raynor said.
The proposed contract is largely similar to the one workers voted down in the fall. It calls for $550 bonuses for all full-time workers and, for those not already at the top of their pay scales, annual raises of between 3 percent and 4 percent over three years.
But during meetings with a federal mediator Friday — the third such session between Disney and union leaders — the resort agreed to reinstate an extra $100 bonus it had initially agreed to pay only if workers had approved the contract on the first vote.
In addition, the resort agreed to pay another $100 to all full-time employees who make $8.50 an hour or less.
"We appreciate the assistance of federal mediator Hank Groton in helping us reach a good and fair contract for our cast members," said Steve Eisenhardt, vice president of labor relations for Walt Disney Parks and Resorts. "Both sides worked hard, and we are pleased we could find common ground."
Support for the revamped deal isn't unanimous, however.
The leadership of two of the six unions that make up the Service Trades Council — Unite Here! Local 362 and United Food and Commercial Workers Local 1625 — voted Friday to oppose the latest agreement.
They argue that the raises are not equitably distributed, as workers in many job categories will get only the minimum 3 percent raises each year. They also say the size of the raises isn't enough to offset rising health-care premiums, particularly for workers on family-coverage health insurance.
"Some workers with family health insurance will be making less money at the end of the contract than they do today," said Eric Clinton, president of the Unite Here! local, which represents attractions workers, custodians and ticket sellers, among others.
jrgarcia@tribune.com or 407-420-5414
Disney World, unions have 2nd tentative contract
By Jason Garcia, Orlando Sentinel
6:44 p.m. EST, February 11, 2011
Negotiators for Walt Disney World and its largest labor group stuck a deal Friday afternoon on a new proposed contract, ending a months-long stalemate, after the resort sweetened bonuses for some workers.
The revised offer will now head to a vote before the full membership of the Service Trades Council, which represents more than 20,000 full-time workers at Disney World. The vote is scheduled for Feb 25. (note: Local 362 and UFCW vote at Contemporary)
It will be the second contract vote for workers, who rejected Disney's first offer in October.
"I'm very pleased we were able, after all this time, to finally reach an agreement that allows people to have another chance to vote," Service Trades Council president Harris Raynor said.
The proposed contract is largely similar to the one workers voted down in the fall. It calls for $550 bonuses for all full-time workers and, for those not already at the top of their pay scales, annual raises of between 3 percent and 4 percent over three years.
But during meetings with a federal mediator Friday — the third such session between Disney and union leaders — the resort agreed to reinstate an extra $100 bonus it had initially agreed to pay only if workers had approved the contract on the first vote.
In addition, the resort agreed to pay another $100 to all full-time employees who make $8.50 an hour or less.
"We appreciate the assistance of federal mediator Hank Groton in helping us reach a good and fair contract for our cast members," said Steve Eisenhardt, vice president of labor relations for Walt Disney Parks and Resorts. "Both sides worked hard, and we are pleased we could find common ground."
Support for the revamped deal isn't unanimous, however.
The leadership of two of the six unions that make up the Service Trades Council — Unite Here! Local 362 and United Food and Commercial Workers Local 1625 — voted Friday to oppose the latest agreement.
They argue that the raises are not equitably distributed, as workers in many job categories will get only the minimum 3 percent raises each year. They also say the size of the raises isn't enough to offset rising health-care premiums, particularly for workers on family-coverage health insurance.
"Some workers with family health insurance will be making less money at the end of the contract than they do today," said Eric Clinton, president of the Unite Here! local, which represents attractions workers, custodians and ticket sellers, among others.
jrgarcia@tribune.com or 407-420-5414
Wednesday, February 9, 2011
WOW.
http://www.orlandosentinel.com/the-daily-disney/os-disney-earnings-20110208,0,7426349.story
Disney profit leaps 54 percent
By Jason Garcia, Orlando Sentinel
6:43 p.m. EST, February 8, 2011
A rebound in its theme parks during the final three months of 2010 helped propel the Walt Disney Co. to 54 percent quarterly profit growth, the company announced Tuesday.
Disney said it made $1.3 billion for the three months that ended Jan. 1, the first quarter in the company's fiscal year, up from $844 million a year earlier. Companywide revenue rose 10 percent to $10.7 billion.
The results easily topped Wall Street expectations.
"It's a great start to a new fiscal year," Disney Co. President and Chief Executive Officer Bob Iger said.
Disney's theme-parks business, often viewed as a bellwether for the U.S. economy, turned in its strongest performance since being dragged down by the recession three years ago: The unit posted a 25 percent increase in operating profit — to $468 million — on sales growth of 8 percent — to $2.9 billion.
It was the first quarterly profit growth for Walt Disney Parks and Resorts in two-and-a-half years.
The improvement was driven primarily by gains in guest spending, as Disney continued to pull back the discounts it had used to sustain the business during the recession, and guests bought more souvenirs and food. Combined guest-spending at Walt Disney World and Disneyland climbed 8 percent for the quarter.
But attendance also perked up, by 2 percent, between the two coasts, despite disruptive weather during the quarter that included heavy rains in Southern California and a post-Christmas blizzard that grounded air travel across the Northeast.
Although it did not provide specific figures, Disney said Disney World attendance was up "more than 2 percent" during the quarter while Disneyland, in Anaheim, Calif., was "slightly down" from last year. Disney suggested its Orlando theme parks are benefitting from the huge crowds being drawn to the region by Universal Orlando's popular Wizarding World of Harry Potter.
"They built a great property down there," Iger said during a conference call with analysts. "And I believe when a competitor puts a good property in the marketplace, it brings more people to the market. So I think it stimulates attendance to Orlando, and we all know that's good for us. Because we usually get a good piece of all visitation to Orlando."
Combined occupancy in Disney's domestic hotels — roughly 90 percent of which are in Orlando — rose four percentage points during the quarter to 85 percent. Average room-related spending climbed 4 percent, a further reflection of the reduced discounting.
Attendance, spending and occupancy also rose at Disney's international resorts.
The increases were partially offset by a decline at Disney Cruise Line, where expenses rose leading up to the January launch of the 4,000-passenger Disney Dream cruise ship and scheduled dry-dock maintenance for one of the company's two existing vessels.
Disney, which is the midst of protracted negotiations with a union representing 20,000 full-time workers at Disney World, also said that the parks division's labor, pension and health-care costs rose during the quarter.
Disney said its financial gains have continued into this year: Room reservations at its U.S. hotels are currently running 3 percent ahead of the pace set last year at this time.
Still, Iger said consumers haven't completely reverted to pre-recession habits. He noted that travelers have not yet, for instance, begun booking their trips further ahead of their travel dates.
"You still have an environment that, while less challenging certainly than it was a year ago, still has its challenges," Iger said, though he added that Disney's parks business is better positioned than in previous downturns for a recovery because it now has more cheaply priced — or "value" category — hotel rooms.
"We're more accessible and we're more accessibly priced than we were" following the 2001 recession, he said.
Company executives also said repeatedly that they are thrilled with early results for the Dream, the first of two new cruise ships Disney is building at a cost of more than $1.8 billion. The Disney ship, which launched last month from Port Canaveral and can carry nearly 50 percent more passengers than Disney's first two cruise ships, is already 89 percent booked for the year.
"We believe that the fact that the Dream is so booked, particularly during peak periods, has actually driven people whose interest was sparked in part by the addition of the new ship to our other ships and our other itineraries," Iger said. Analysts have said one of the biggest risks facing Disney's cruise-fleet expansion is that the new ships could cannibalize bookings on the first two vessels.
The Dream is "just blowing the doors off in terms of demand and interest," added Disney Co. Chief Financial Officer Jay Rasulo.
Disney's best-performing business during the quarter was its film studio, where operating profit jumped 54 percent to $375 million thanks to cost-cutting, international DVD sales of the hit movie "Toy Story 3," and fewer poorly performing films.
At Disney's media networks, the company's largest business, operating profit leapt 47 percent to just under $1.1 billion. Disney credited increased ad and affiliate sales at both the cable channels ESPN and Disney Channel.
Operating profit at Disney's consumer-product segment rose 28 percent to $312 million, thanks primarily to sales of Toy Story and Marvel merchandise and improvements at Disney Store North America.
The operating loss at Disney's smallest division, interactive media, widened from $10 million last year to $13 million, as what Disney described as strong sales of the console games Epic Mickey and Toy Story 3 were more than offset by the inclusion of Playdom, the recently acquired social-media games developer. Disney recently laid off nearly 200 employees in its video-game unit.
Jason Garcia can be reached at jrgarcia@orlandosentinel.com or 407-420-5414.
Disney profit leaps 54 percent
By Jason Garcia, Orlando Sentinel
6:43 p.m. EST, February 8, 2011
A rebound in its theme parks during the final three months of 2010 helped propel the Walt Disney Co. to 54 percent quarterly profit growth, the company announced Tuesday.
Disney said it made $1.3 billion for the three months that ended Jan. 1, the first quarter in the company's fiscal year, up from $844 million a year earlier. Companywide revenue rose 10 percent to $10.7 billion.
The results easily topped Wall Street expectations.
"It's a great start to a new fiscal year," Disney Co. President and Chief Executive Officer Bob Iger said.
Disney's theme-parks business, often viewed as a bellwether for the U.S. economy, turned in its strongest performance since being dragged down by the recession three years ago: The unit posted a 25 percent increase in operating profit — to $468 million — on sales growth of 8 percent — to $2.9 billion.
It was the first quarterly profit growth for Walt Disney Parks and Resorts in two-and-a-half years.
The improvement was driven primarily by gains in guest spending, as Disney continued to pull back the discounts it had used to sustain the business during the recession, and guests bought more souvenirs and food. Combined guest-spending at Walt Disney World and Disneyland climbed 8 percent for the quarter.
But attendance also perked up, by 2 percent, between the two coasts, despite disruptive weather during the quarter that included heavy rains in Southern California and a post-Christmas blizzard that grounded air travel across the Northeast.
Although it did not provide specific figures, Disney said Disney World attendance was up "more than 2 percent" during the quarter while Disneyland, in Anaheim, Calif., was "slightly down" from last year. Disney suggested its Orlando theme parks are benefitting from the huge crowds being drawn to the region by Universal Orlando's popular Wizarding World of Harry Potter.
"They built a great property down there," Iger said during a conference call with analysts. "And I believe when a competitor puts a good property in the marketplace, it brings more people to the market. So I think it stimulates attendance to Orlando, and we all know that's good for us. Because we usually get a good piece of all visitation to Orlando."
Combined occupancy in Disney's domestic hotels — roughly 90 percent of which are in Orlando — rose four percentage points during the quarter to 85 percent. Average room-related spending climbed 4 percent, a further reflection of the reduced discounting.
Attendance, spending and occupancy also rose at Disney's international resorts.
The increases were partially offset by a decline at Disney Cruise Line, where expenses rose leading up to the January launch of the 4,000-passenger Disney Dream cruise ship and scheduled dry-dock maintenance for one of the company's two existing vessels.
Disney, which is the midst of protracted negotiations with a union representing 20,000 full-time workers at Disney World, also said that the parks division's labor, pension and health-care costs rose during the quarter.
Disney said its financial gains have continued into this year: Room reservations at its U.S. hotels are currently running 3 percent ahead of the pace set last year at this time.
Still, Iger said consumers haven't completely reverted to pre-recession habits. He noted that travelers have not yet, for instance, begun booking their trips further ahead of their travel dates.
"You still have an environment that, while less challenging certainly than it was a year ago, still has its challenges," Iger said, though he added that Disney's parks business is better positioned than in previous downturns for a recovery because it now has more cheaply priced — or "value" category — hotel rooms.
"We're more accessible and we're more accessibly priced than we were" following the 2001 recession, he said.
Company executives also said repeatedly that they are thrilled with early results for the Dream, the first of two new cruise ships Disney is building at a cost of more than $1.8 billion. The Disney ship, which launched last month from Port Canaveral and can carry nearly 50 percent more passengers than Disney's first two cruise ships, is already 89 percent booked for the year.
"We believe that the fact that the Dream is so booked, particularly during peak periods, has actually driven people whose interest was sparked in part by the addition of the new ship to our other ships and our other itineraries," Iger said. Analysts have said one of the biggest risks facing Disney's cruise-fleet expansion is that the new ships could cannibalize bookings on the first two vessels.
The Dream is "just blowing the doors off in terms of demand and interest," added Disney Co. Chief Financial Officer Jay Rasulo.
Disney's best-performing business during the quarter was its film studio, where operating profit jumped 54 percent to $375 million thanks to cost-cutting, international DVD sales of the hit movie "Toy Story 3," and fewer poorly performing films.
At Disney's media networks, the company's largest business, operating profit leapt 47 percent to just under $1.1 billion. Disney credited increased ad and affiliate sales at both the cable channels ESPN and Disney Channel.
Operating profit at Disney's consumer-product segment rose 28 percent to $312 million, thanks primarily to sales of Toy Story and Marvel merchandise and improvements at Disney Store North America.
The operating loss at Disney's smallest division, interactive media, widened from $10 million last year to $13 million, as what Disney described as strong sales of the console games Epic Mickey and Toy Story 3 were more than offset by the inclusion of Playdom, the recently acquired social-media games developer. Disney recently laid off nearly 200 employees in its video-game unit.
Jason Garcia can be reached at jrgarcia@orlandosentinel.com or 407-420-5414.
Saturday, February 5, 2011
Takin' it to the streets!
Rally for a fair contract!
Wednesday, February 9
5pm to 7pm
Cross Roads
At the intersection of SR 535 & Hotel Plaza Blvd.
5pm to 7pm
Cross Roads
At the intersection of SR 535 & Hotel Plaza Blvd.
Our rally will draw attention to our current struggle with Disney for a fair contract just before negotiations are set to resume. It’s time for Disney to offer a fair agreement for every Cast Member.
Toy Story 3 is currently nominated for best picture at the Academy Awards. We will tell the public that the workers need to be rewarded and not Disney’s hypocrisy. Toy Story 3 encourages us to value what we have, but Disney doesn’t follow its own advice. Disney is devaluing the workers who make its business so successful.
Toy Story 3 is currently nominated for best picture at the Academy Awards. We will tell the public that the workers need to be rewarded and not Disney’s hypocrisy. Toy Story 3 encourages us to value what we have, but Disney doesn’t follow its own advice. Disney is devaluing the workers who make its business so successful.
Wednesday, February 2, 2011
Talk about hypocrisy...
http://www.google.com/hostednews/ap/article/ALeqM5gCgkig2zgwuqn7bY4ysSpHeoD_xg?docId=01322d27dd334a1ea8011879c42d2c20
AP: Disney CEO Iger's pay up 30 pct in 2010
LOS ANGELES (AP) — Walt Disney Co. has awarded CEO Bob Iger a 2010 pay package valued at $28 million, up 30 percent from a year ago, according to an Associated Press analysis of data disclosed in a regulatory filing on Friday. The company said it is rewarding the 59-year-old Iger for excellent management in a tough economic environment.
The increase came as Disney's share price rose 24 percent to end the company's fiscal year on Oct. 2 at $32.98. Disney noted that the total shareholder return for the S&P 500 over the same period was just 14 percent by comparison.
During the year, Iger hired new managers for Disney's money-losing movie studio, quickly bringing it back to profitability. The studio completed the sale of the Miramax niche film label as Disney renewed its focus on its family fare from its own studio as well as Pixar and new acquisition Marvel. The Burbank, Calif.-based company also bought social game maker Playdom and mobile game developer Tapulous with an aim to reverse losses at its interactive unit, which recently went through a round of layoffs.
Fiscal 2010 net income rose 20 percent to $3.96 billion from $3.31 billion the year before, as revenue grew 5 percent to $38.06 billion.
Iger's base salary fell less than 2 percent to $2 million but his performance-related bonus surged 45 percent to nearly $13.5 million from $9.3 million a year ago. He was also granted stock options and awards valued at $11.8 million on the days they were granted, up from stock grants valued at $9.5 million the previous year.
His other compensation rose nearly 8 percent to $798,433, including personal use of company aircraft and security costs.
The Associated Press formula is designed to isolate the value that the company's board placed on the executive's total compensation package during the last fiscal year. Its calculation of total pay includes executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards at the time they are granted during the year.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals that companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
Copyright © 2011 The Associated Press. All rights reserved.
AP: Disney CEO Iger's pay up 30 pct in 2010
LOS ANGELES (AP) — Walt Disney Co. has awarded CEO Bob Iger a 2010 pay package valued at $28 million, up 30 percent from a year ago, according to an Associated Press analysis of data disclosed in a regulatory filing on Friday. The company said it is rewarding the 59-year-old Iger for excellent management in a tough economic environment.
The increase came as Disney's share price rose 24 percent to end the company's fiscal year on Oct. 2 at $32.98. Disney noted that the total shareholder return for the S&P 500 over the same period was just 14 percent by comparison.
During the year, Iger hired new managers for Disney's money-losing movie studio, quickly bringing it back to profitability. The studio completed the sale of the Miramax niche film label as Disney renewed its focus on its family fare from its own studio as well as Pixar and new acquisition Marvel. The Burbank, Calif.-based company also bought social game maker Playdom and mobile game developer Tapulous with an aim to reverse losses at its interactive unit, which recently went through a round of layoffs.
Fiscal 2010 net income rose 20 percent to $3.96 billion from $3.31 billion the year before, as revenue grew 5 percent to $38.06 billion.
Iger's base salary fell less than 2 percent to $2 million but his performance-related bonus surged 45 percent to nearly $13.5 million from $9.3 million a year ago. He was also granted stock options and awards valued at $11.8 million on the days they were granted, up from stock grants valued at $9.5 million the previous year.
His other compensation rose nearly 8 percent to $798,433, including personal use of company aircraft and security costs.
The Associated Press formula is designed to isolate the value that the company's board placed on the executive's total compensation package during the last fiscal year. Its calculation of total pay includes executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards at the time they are granted during the year.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals that companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
Copyright © 2011 The Associated Press. All rights reserved.
Subscribe to:
Posts (Atom)