Disney Executive Made Over $100,000 PER DAY Before Being Terminated

Ever wondered just how much the Disney executives make in a year, a week, or even a day?

©The Walt Disney Company

We’ve taken a look at executive compensation packages and salaries in the past, analyzing how much Disney paid Bob Chapek to leave, Iger’s salary upon his return to the CEO position, and both Chapek and Iger’s salaries from 2021. But now we’re taking a look at one Disney executive who didn’t remain in his position for very long but got a SUBSTANTIAL amount of money during his short tenure.

Recently, Disney filed a Preliminary Proxy Statement with the SEC ahead of the 2023 Shareholders meeting. It contains information about the Trian Group’s proxy battle attempts, financial compensation for its executives, a look at the Board of Governors, items that will be voted on, and more.

One of the things tucked within the report is a look at just how much certain executives made in 2022. The executive we’re focusing on now is Geoff Morrell. Morell joined the company on January 24th, 2022 as Chief Corporate Affairs Officer. The end date for his employment agreement was previously set at December 31, 2024.

©Walt Disney Company

But, just a few months after his arrival, the Company “made the unilateral decision to…terminate Mr. Morrell’s employment effective June 30, 2022.” His termination was announced on April 29th, 2022. That meant from January 24th to April 29th he spent about 68 business days in his position (according to an online calculator — the Wall Street Journal puts it at around 70 weekdays).

In the report, Disney explained that 2022 brought a number of management changes, “designed to address specific management needs identified by the Board.” Among those changes was the termination of Morrell.

Walt Disney Company Headquarters ©LA Times

At the time Morrell’s departure was announced, he shared that “After three months in this new role, it has become clear to me that for a number of reasons it is not the right fit.” Earlier in 2022, Morrell had Tweeted (and swiftly deleted) the opening date for the Guardians of the Galaxy: Cosmic Rewind ride in EPCOT prior to its official announcement, as reported by The Hollywood Reporter.

Morrell’s departure came following weeks where Disney’s name often made headlines regarding the handling of the situation surrounding the Parental Rights in Education Bill (what critics call the “Don’t Say Gay” bill) in Florida, the dissolution of Disney World’s Reedy Creek Improvement District by the Florida legislature, and more.

These, and other matters, would ultimately lead to the removal of Bob Chapek as CEO as well.

EPCOT

Let’s break down just how much Morrell made in his short time at Disney. First, in connection with his hiring, he got a cash sign-on bonus of $2,750,000 (this was mainly to replace “foregone compensation from his previous employer”). They also provided him $500,000 as he had to internationally relocate himself and his family for this position.

But there’s more. According to the report, Morrell’s total compensation was $8,365,403 for the short months he spent with Disney — that included a $489,500 salary, his $2,750,000 bonus, over $2,000,000 in stock awards, and over $1,000,000 in other compensation. Divided by around 67 business days that would mean he earned around $123,020 per DAY.

©Disney

In comparison, we can see that former CEO Bob Chapek earned a total of $24,183,003 for fiscal year 2022 (though he was ousted from the CEO position near the end of the year), Christine McCarthy (CFO) made $20,235,669 in fiscal year 2022, and current CEO Bob Iger made $14,998,299.

©Alberto E. Rodriguez / Getty Images

But Morrell could earn even MORE. Disney notes that if Morrell “completes all of the terms of his post-employment consulting agreement and general release, he would be entitled to the following cash based payments:”

• $2,506,849 in remaining base salary through the end of his original employment agreement term;
• $1,500,000 equivalent to a target bonus for fiscal 2022; and
• a buyout of the home Mr. Morrell purchased in Southern California.

Disney shares that, “consistent with past relocation practices for unique circumstances,” a third party bought Morrell’s home on Disney’s behalf in June of 2022 for the same price that the property was originally purchased. Disney will sell the property and get the benefit (or loss) of any gains or losses. As of October 1st, 2022, the property had not yet been sold.

©Disney

Why have these specific termination payments been approved? Well, Disney says that they “okayed” these conditions due to “unique factors specific to his situation that involved an international move for Mr. Morrell and his family.” They go on to note that “This decision was made in the best interest of the Company and, we believe, will mitigate further disruption to the Company.”

Magic Kingdom

While other news sites have picked up on Morrell’s substantial compensation package, highlighting the extreme amount he made in less than 4 months on the job, this would not be the start of Disney’s potential troubles when it comes to executive pay.

The Trian Group, which has been preparing for a proxy battle with the Disney Company in an attempt to get Nelson Peltz a seat on the Board of Directors at Disney, has criticized Disney for its “poor corporate governance,” which has led to “over-the-top compensation practices,” among other things.

To read more about Trian’s attempts to get Peltz on the board, click here. You can also click here to see why Disney opposes Peltz’s attempt to get on the Board, and click here to see more of their criticisms of Disney.

©New York Times Nelson Peltz of Trian Partners

We’ll continue to keep an eye out for updates on this situation, how Disney’s management practices may change in the future, and what will become of the Board with the proxy battle underway. Stay tuned for the latest details.

Click here to see what one celebrity had to say about Iger’s “fight for the future of Disney”

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What do you think about this executive compensation package? Tell us in the comments.

The post Disney Executive Made Over 0,000 PER DAY Before Being Terminated first appeared on the disney food blog.

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