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Disney CEO receives $84K in shares for joining Apple board

post #1 of 10
Thread Starter 
Upon joining Apple's board of directors this week, Disney Chairman and Chief Executive Bob Iger received more than $84,000 in stock, new filings reveal.

Iger received 75 shares of common stock and 142 restricted shares that will vest in February of 2012, new filings with the U.S. Securities and Exchange Commission show. As noted by Philip Elmer-Dewitt of Apple 2.0, that amounts to $84,376 based on the stock's closing price on Tuesday, the day the shares were issued.

The addition of Iger to Apple's board was announced by the company this week, when it was also revealed that he will serve on the company's audit committee. Iger joined as Art Levinson, who served as co-lead director on Apple's board since 2005, was named the new chairman of the board.

Iger's compensation for joining Apple's board is comparable to what others who joined received in the past. For example, Andrea Jung, who became a part of Apple's board in early 2008, received 77 shares of common stock, and 3,000 restricted shares with a strike price of $180.05 that took three years to fully vest, according to Elmer-Dewitt.

Though Iger just joined the board this week, his relationship with Apple is not new. As head of Disney, Iger was responsible for the acquisition of Pixar in 2006. The entertainment giant paid $7.4 billion in stock to Steve Jobs, making the late Apple co-founder Disney's largest single shareholder.



Iger was also one of the first people to issue a public comment after Jobs passed away in October. He called Jobs a "great friend and trusted advisor."

"With his passing the world has lost a rare original, Disney has lost a member of our family, and I have lost a great friend," Iger said.
post #2 of 10
...but that seems kind of, um, underwhelming considering that the guy was paid almost $30 Million in 2010 alone.

Not saying that he *should* get paid more (Lord knows CEO's are making an obscene amount these days already), just seems odd to me; why 75 shares? If it's a token (which it is for a guy like that), why not make it just 1 share?
post #3 of 10
won't even pay for a tie pin
post #4 of 10
Quote:
Originally Posted by BlueDjinn View Post

...but that seems kind of, um, underwhelming considering that the guy was paid almost $30 Million in 2010 alone.

Not saying that he *should* get paid more (Lord knows CEO's are making an obscene amount these days already), just seems odd to me; why 75 shares? If it's a token (which it is for a guy like that), why not make it just 1 share?

They didn't want to get slammed on by the Occupy Wall Street protesters. $84000 is below the 1% threshold.
post #5 of 10
Quote:
Originally Posted by BlueDjinn View Post

...but that seems kind of, um, underwhelming considering that the guy was paid almost $30 Million in 2010 alone.

Not saying that he *should* get paid more (Lord knows CEO's are making an obscene amount these days already), just seems odd to me; why 75 shares? If it's a token (which it is for a guy like that), why not make it just 1 share?

I really know almost nothing about these sorts of gestures, but it strikes me as ceremonial. A gift maybe, rather than compensation.

Some small tidbit to signify that his own fortunes are now tied to the fortunes of the company.

Anybody familiar with these things who can throw in some more insight?
post #6 of 10
Just reflecting on Iger's comments about Steve Jobs again, and I think it is phenomenal that no one has said that Jobs didn't advise them well. Pretty amazing for someone with all the time commitments he had and relatively little time he had.
post #7 of 10
Board members also get one each of every new product introduced during the fiscal year.

This year, that would be an iPhone 4s, iPad2, MacBook Air, Macbook Pro, iMac, Mac Mini, Thunderbolt display, iPod nano, white iPod touch (if you consider that a new product), Lion OS, iLife '11, Final Cut ProX, and probably some others that escape me at the moment.
post #8 of 10
Neither the iPhone 4S nor white iPod touch would qualify. Apple's fiscal year ended on Saturday 24 September 2011. Those two products were announced in fiscal 2012.
post #9 of 10
Quote:
Originally Posted by Kit_C View Post

Board members also get one each of every new product introduced during the fiscal year.

This year, that would be an iPhone 4s, iPad2, MacBook Air, Macbook Pro, iMac, Mac Mini, Thunderbolt display, iPod nano, white iPod touch (if you consider that a new product), Lion OS, iLife '11, Final Cut ProX, and probably some others that escape me at the moment.

I don't think that's a "benefit" per se. Board members need to be familiar with all of the company's products first-hand.
post #10 of 10
Quote:
Originally Posted by cajun View Post

I don't think that's a "benefit" per se. Board members need to be familiar with all of the company's products first-hand.

Just imagine Gore doing anything with Logic Pro - nothing eatable.
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