The Walt Disney Co. Chairman and CEO Bob Iger reeled in about $34.3 million in total compensation in fiscal 2013, a nearly 15% haircut from the $40.2 million he received in the previous year, as long term incentives for many Disney executives were cut, according to a proxy statement filed with the Securities and Exchange Commission Monday.
Iger's base salary was constant at $2.5 million, but he received fewer stock awards -- $8.8 million versus $9.5 million in 2012 – and his non-equity incentive plan compensation dipped to $13.6 million from $16.5 million in fiscal 2012.
The reason for the decline was not performance based. Disney said in the proxy that while fiscal 2013 was strong, it just didn't match the strength of the previous year.
"…the company's outperformance relative to financial measures established by the Compensation Committee did not match the magnitude of outperformance delivered in fiscal 2012, demonstrating the effectiveness of the company's pay-for-performance compensation plan," Disney said in the proxy.