CALIFORNIA: Disney has finally named its next ruler and slapped a glossy price tag on the throne.
Josh D’Amaro, heir to Bob Iger, steps into the chief executive role on a base salary of $2.5m, before the real money kicks in. His annual bonus target is set at a punchy 250 per cent of salary, with long-term stock awards worth $26.2m a year. Add a one-off incentive grant of $9.7m to mark the promotion and D’Amaro’s opening package lands at about $38m.
Dana Walden, the other front-runner, does not leave empty-handed. Elevated to president and chief creative officer under a contract running to March 2030, she will earn a $3.75m base salary, with a performance bonus targeted at 200 per cent. Annual stock awards are valued at $15.75m, topped by a one-time incentive of $5.26m. All told, her first-year take comes to roughly $24m.
The board’s decision ends a two-year succession drama that has hovered over Disney’s share price and morale. D’Amaro, previously in charge of parks and consumer products, gets the top job. Walden, until now co-chair of Disney Entertainment, is handed a newly minted creative super-role, reporting directly to him.
Both appointments take effect on March 18, at Disney’s annual meeting. Iger slides into the background as senior adviser and board member, before bowing out for good in December.
The message from Burbank is unmistakable. Continuity, creativity and a very expensive handover. In the House of Mouse, the magic still pays.
