To convince liberal mega-donor Robert Iger to stay on as chief executive and chairman of Disney, the company has agreed to his demands of a $60 million bonus on top of his annual salary.
The bonus will come if Iger successfully boosts Disney's profits and nearly doubles its profits, the New York Times reports:
To hold onto Robert A. Iger as chief executive until 2018, Disney has agreed to pay him a cash retention bonus of up to $60 million if an extremely aggressive financial target is met by the end of the 2018 fiscal year.
On Thursday, the Walt Disney Company said that Mr. Iger had agreed to extend his tenure for two years. He had been expected to retire in June 2016, which was itself an extension. On Friday, in a filing with the Securities and Exchange Commission, Disney outlined the carrot the board offered.
If Disney’s cumulative adjusted operating income over the five-year period ending with fiscal 2018 reaches $78.31 billion — roughly doubling what it has been over the last five years — Mr. Iger, 63, will receive a $60 million cash bonus, according to the filing. That payment would come in addition to his annual pay package, for which the performance-based calculation will not change.