Executive Pay: Disney's Iger, Staggs Clean Up; Apple Options Investigated

After all the stories about executive pay raises when the stock is going in the other direction, it’s almost refreshing to see some that actually match performance. That’s assuming, of course, that’s there’s any real rationale in the numbers to begin with. Disney CEO Bob Iger’s base pay for 2006 was $2 million, up from $1.5 million in 2005. But the real bump was in the bonus round, according to Disney’s 2007 proxy filed Friday with the SEC: Iger received a $15 million bonus for 2006, nearly double the $7.7 million he was awarded in 2005. Add to that additional annual compensation of $650,000 (security, air travel, car allowance); 400,000 stock options worth an hypothetical $2.9 million; and $4.2 million in performance-based payouts and the total of Iger’s 2006 compensation for his first year as CEO closes in on $25 million. CFO Tom Staggs did well, too: Just over $1 million in salary; a $4 million bonus nearly double the previous year; $790,000 in other annual compensation; 154,000 stock options and $4.2 miilion in performance-based payouts. Disney’s stock is up 37 percent.
Apple: Meanwhile, compensation for one of Disney’s board members is being scrutinized even more closely. Apple has admitted to issues with stock options for Chairman and CEO Steve Jobs, who, so far, has escaped the fate of many other executives who left after stock option problems were uncovered or who have faced action. But the WSJ reports that SEC investigators and federal prosecutors are looking ino backdated stock options that were awarded Jobs and had a falsified date. Apple says Jobs and current execs were unaware that the Oct. 2001 date for a options had been faked; Jobs signed the “routine” SEC statement about the grant. One big question left unanswered so far: how could Jobs be so in control and so out of touch at the same time?

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