George Mitchell to get $500,000

[Sarangel]

From the San Francisco Chronicle:

WASHINGTON (Dow Jones/AP) -- The Walt Disney Co. Friday said it has approved a $500,000 annual retainer for Chairman George Mitchell.

The payment is retroactive to March 3, when the separate chairman position was created after 45 percent of shareholders withheld their votes to re-elect CEO Michael Eisner to the board.

That followed a campaign by former board members Roy E. Disney and Stanley Gold, who have pushed for Eisner's removal and blame him for the company's poor performance over the last seven years.

The retainer for other non-management directors was increased to $65,000 from $45,000, the Burbank, Calif.-based company said.

Directors will continue to get an annual option to buy 6,000 Disney shares, subject to shareholder approval of a new stock option plan.

The new retainers bring Disney's practices "into line with those of the company's peers," the company said.

 

[WDWHound]

Originally posted by Sarangel
From the San Francisco Chronicle:

The new retainers bring Disney's practices "into line with those of the company's peers," the company said.

I wish they would bring their management skills in line with the company's peers.

 

[crazy4wdw]

I find this amazing! As a Disney stockholder, I am not happy at all about this. Disney can find $500,000 for Mitchell however the animators at Disney-MGM Studios are out of a job.

 

[daber]

From another news source:

LOS ANGELES (CBS.MW) -- Walt Disney Co. (DIS) Chairman George Mitchell will receive an annual retainer of $500,000 and non-employee directors will get a pay raise, the company said Friday. At a June 29 board meeting, directors voted to increase the retainer for serving on the board to $65,000 a year from $45,000. Each director also will receive an annual retainer of $10,000 for each committee served on, and committee chairs will get an additional $15,000 retainer. Mitchell may get any or all his retainer in the form of stock, and other directors are eligible for stock options under the new compensation plan.



We now know the answer to the question "What's the price for loyalty?"

 

[manning]

Disney can find $500,000 for Mitchell however the animators at Disney-MGM Studios are out of a job.

How do think they found the money to do this??

 

[wdw4us2]

Amazing.

Where else can you make $500,000 for being Michael Ei$ner's puppet?

I'm sure all those fired animators are wondering where the money came from, too.

 

[Peter Pirate]

How can I get on the board???

 

[freediverdude]

I am absolutely outraged by this. Mitchell's $500,000 extra for being a nonexecutive chairman is not in line with other similar positions. Mitchell gets a huge no-confidence vote himself, and then gets a raise??? I'm absolutely outraged, there are no other words for it.

 

[dcentity2000]

These board members certainly are survivors, aren't they?



Rich::