Terro
10-08-2005, 11:04 AM
BURBANK, Calif. - Michael Eisner has cut all ties with the company he ran for 21 years. The Walt Disney Co. said Thursday in a filing with the Securities and Exchange Commission that Eisner "no longer provides any services" for the entertainment and broadcasting company.
He resigned as the company's chief executive on Sept. 30, but had been expected to keep his seat on Disney's s board of directors until new directors were elected next year.
In a surprise move, he resigned his board seat last Friday and will not serve as a company consultant, as he had been entitled to do under his employment agreement.
In its SEC filing, Disney also revealed details of its contract with Eisner's successor, Robert Iger.
The new Disney boss has signed a five-year contract and will retain his position as the company's president. He will receive a salary of $2 million a year, the same amount he was paid last year as Disney's president and chief operating officer.
Iger will also receive bonuses and other incentives tied directly to the company's performance.
His annual bonus target will be a minimum of $7.25 million. He will receive a long-term incentive bonus of company stock with a target value of $8 million per year, also tied to performance.
The bonus and long-term incentive could be raised or cut to zero, depending on the company's performance.
Iger also receives a one-time bonus of 500,000 shares that will vest over five years if the company's stock performs at least as well as the S&P 500 Index over the same period.
http://news.yahoo.com/s/ap/20051007/ap_on_bi_ge/disney_eisner
He resigned as the company's chief executive on Sept. 30, but had been expected to keep his seat on Disney's s board of directors until new directors were elected next year.
In a surprise move, he resigned his board seat last Friday and will not serve as a company consultant, as he had been entitled to do under his employment agreement.
In its SEC filing, Disney also revealed details of its contract with Eisner's successor, Robert Iger.
The new Disney boss has signed a five-year contract and will retain his position as the company's president. He will receive a salary of $2 million a year, the same amount he was paid last year as Disney's president and chief operating officer.
Iger will also receive bonuses and other incentives tied directly to the company's performance.
His annual bonus target will be a minimum of $7.25 million. He will receive a long-term incentive bonus of company stock with a target value of $8 million per year, also tied to performance.
The bonus and long-term incentive could be raised or cut to zero, depending on the company's performance.
Iger also receives a one-time bonus of 500,000 shares that will vest over five years if the company's stock performs at least as well as the S&P 500 Index over the same period.
http://news.yahoo.com/s/ap/20051007/ap_on_bi_ge/disney_eisner