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US: Disney Paid Eisner $10.1 Million in '05

Associated Press
January 12th, 2006

Michael D. Eisner, former chief executive of the Walt Disney Company, received $10.1 million in compensation last year, including a $9.1 million cash bonus, according to the company's annual proxy statement filed Wednesday.

Mr. Eisner left the company on Oct. 1 after serving as chief executive for 21 years. He was succeeded by Robert A. Iger, who serves as president and chief executive. Mr. Iger received total compensation of $9.7 million in 2005, including a cash bonus of $7.7 million.

Mr. Eisner was also paid an additional $1 million salary, the salary he would have received if he had served through the end of his contract, which would have expired in October of this year. He will also continue to receive an annual bonus of $7.5 million through 2008, in accordance with the terms of his employment agreement, the filing said.

The bonus, payable for 24 months after his contract would have ended, will be paid for only 12 months if Mr. Eisner takes a job "with another major entertainment company other than as an independent producer within 12 months after the conclusion of his employment."

Mr. Eisner was recently hired as host of a talk show on the cable channel CNBC.

Mr. Eisner, who is 63, also began drawing an annual pension of $297,779 from Disney.

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