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Disney Keeps 10-Person Board After Jobs’s Death, Departures

January 23, 2012

(Updates with Bryson resignation in fourth paragraph.)

Jan. 20 (Bloomberg) -- Walt Disney Co. will stick with a smaller board for now following the death of Steve Jobs, its largest stockholder, and two departures.

Disney, based in Burbank, California, proposed 10 current directors for re-election at the company’s annual meeting set for Tuesday, March 13, in Kansas City, Missouri, according to a regulatory filing today.

The world’s biggest theme park operator is preparing for the departure of Chairman John E. Pepper, 73, who plans to hand over that role to Chief Executive Officer Robert Iger at the meeting. Iger will hold both titles as part of the company’s plan to appoint a new CEO in 2015. Iger, 60, received 2011 compensation of $33.4 million, up from $29.6 million a year earlier, according to the filing.

Disney, also owner of the ABC broadcast network and the ESPN cable channel, fell 0.3 percent to $39.31 in New York trading. The shares were little changed last year. John Bryson left the board in October to become U.S. Commerce Secretary.

The Steven P. Jobs trust owns 137.3 million Disney shares, or almost 8 percent of the total, according the filing. The shares are worth $5.4 billion. Previous filings listed him as holding 138 million.

Iger’s 2011 pay included almost $2 million in salary, stock awards of $8.1 million, option awards of $4.8 million and a bonus of $15.5 million. A change in the value of his pension contributed $2.07 million and other pay added almost $1 million to the total.

In November, Disney raised its annual dividend by 50 percent to 60 cents a share, the biggest increase in at least 20 years, after the company reported record fiscal 2011 revenue and profit.

In addition to Iger, those up for election are: Susan Arnold, John Chen, Judith Estrin, Fred Langhammer, Aylwin Lewis, Monica Lozano, Robert Matschullat, Sheryl Sandberg and Orin Smith.

--Editors: Niamh Ring, Rob Golum

To contact the reporter on this story: Andy Fixmer in Los Angeles at

To contact the editor responsible for this story: Anthony Palazzo at

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