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Disney amends CEO Iger's pay package


(Reuters) - said on Monday Robert has agreed to certain adjustments to his compensation package, which ties his paycheck to the company's performance, as it nears the completion of its acquisition.

Under the new agreement, will earn no shares if the company's relative total shareholder return is less than or equal to 25 percentile of the total shareholder return of companies in the S&P 500 index.

"In line with the Disney Board's pay-for-performance philosophy, the amendments to Mr. Iger's contract establish more rigorous performance requirements for his equity award than those reflected in the original contract," a of Walt Disney said.

Under the previous compensation package, was being paid up to $48.5 million in annual salary and bonuses following the Fox deal closure for each of the four years from 2018-2021.

The amended deal could help Disney assuage investor concerns over pay to Iger, who stood to earn up to $423 million over four years and faced concerns his performance targets were too low.

At last spring's shareholder meeting the company suffered a rare rebuke when a majority opposed its executive pay in a non-binding vote, a very rare result for a U.S. company.

(Reporting by in Bengaluru; Editing by Shailesh Kuber)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 02:49 IST