I for one can not belive a "single day WDW one park ticket" costs over 65.00
Let's not even buy into their little game of Magic Your Way tickets and how little it costs.
Do not get me wrong I LOVE WDW, I LOVE anything DISNEY. It just irrates me, when I read things like this, have you see this article that ran in the Orlando Sentinel that reprinted a LA times article.
=========
Disney doubles Iger's payout to $25 million
The media giant's board orders a big bump in pay for 2006 after weighing gains such as the Pixar deal and the stock's stellar performance.
By Joseph Menn | Times Staff Writer
Posted January 13, 2007
Walt Disney Co. more than doubled its annual payout to Robert Iger in 2006 after his role was expanded from president to chief executive.
The Burbank entertainment powerhouse spent about $25 million on Iger's compensation during his first year atop Disney. His base salary rose to $2 million from $1.5 million, and his bonus jumped to $15 million from less than $8 million, according to a proxy statement Disney filed with the Securities and Exchange Commission on Friday.
"Bob Iger had a very good year — both for Disney and for Bob Iger," said Greg Taxin, CEO of proxy advisory firm Glass, Lewis & Co.
In Iger's initial year at the helm, Disney's net income rose 33% to $3.37 billion, while its stock climbed 28% to $30.91. The stock has continued to gain since, closing Friday at $35.21.
The Disney board's compensation committee said it ordered the big bump after weighing "broad-based operational improvements made during the year," including the acquisition of Pixar Animation Studios and moves by the company to "leverage technology in the creation and distribution of its products."
Disney's stock had a banner year, outperforming shares of rival media companies, and Iger's big payday merely puts him "in the middle of the pack" for big-company CEOs in the industry, said Frank Glassner, who heads San Francisco's Compensation Design Group.
"Disney has very well-linked plans that truly pay for performance, especially in light of the senior executive reorganization," Glassner said. "It's no longer pay for attendance or pay for ego."
Under former CEO Michael Eisner, Disney drew repeated fire for its pay practices.
In 1998, Eisner cashed in a hoard of stock options and collected $576 million. And when Michael Ovitz, Eisner's choice as the No. 2 executive, lasted just 15 months, he left with a severance payment later valued at $130 million. That outsized payment prompted a futile but excoriating lawsuit by shareholders.
Iger also cashed in stock options in the last fiscal year, collecting 1.6 million shares and selling the vast majority, Friday's filing shows. He turned a profit of $7.9 million that way, on top of his $25 million in compensation.
A Disney spokesman said Iger's options would have expired this year if he hadn't exercised them.
The $25 million includes newly granted stock options. Also in the filing, Disney announced that it would hold its annual meeting March 8 at the New Orleans Convention Center, the scene of much televised suffering more than a year ago.
The company has no major operations in the city, but Iger asked shareholders in his opening letter to "join us in supporting the revitalization of New Orleans following the devastating effects of Hurricane Katrina."
Shareholders also were asked to vote to increase the number of options and shares available for grants to employees. One shareholder proposal that called for a study of ethnic and gender stereotypes in the company's characters was excluded from the ballot.
Disney also disclosed that it was paying new Chairman John E. Pepper Jr. $500,000 a year — far more than the other directors were being paid. Taxin said it was an unusually high amount for a nonexecutive.
Pepper took over the leading oversight role Jan. 1 from former Sen. George J. Mitchell, who retired. Director Steve Jobs, who became Disney's largest shareholder with the company's acquisition of Pixar, asked not to be paid. Pepper, 68, is the former chairman and CEO of Procter & Gamble Co.
Disney said another long-serving director, former Georgetown University President Leo O'Donovan, 72, would step down after the annual meeting, shrinking the board to 11 members. By Disney's reckoning, eight of the 11 meet the standard for independence required for membership on some board committees.
*
joseph.menn@latimes.com
*
Begin text of infobox
By the numbers
Walt Disney Chief Executive Robert Iger's compensation in 2006, according to a regulatory filing:
• Base salary: $2 million
• Options and other benefits: $7.9 million*
• Bonus: $15 million
• Total compensation: $24.9 million
* Estimate
Los Angeles Times
=======================
rate
email
print
link to this page
Comments: 7
Kev that should be done, and prices should be lowered. But you know parking has been rasied, food & beverage have been raised, and lest not forget the merchandise, it has also had an increase. I love Disney, but I feel it is getting unreasonable.
I know it's not my decision to make, but in addition to lower prices across the board, I would prefer to see the apparent discounts Disney extends to conventioners and sports teams passed along to the general public instead -- I am sure Disney is giving those groups special rates to entice them, so I think it would be better if they diverted those special prices to the general public as opposed to sports groups and conventions (okay, so I may still be a little bitter over the rude Country Insurance lady (big convention when we were there, some rude agents and execs) on the bus from Coronado Springs, lol, but still, even with my slight bias aside, I think it would be making the Disney magic available to a lot more families who would love to visit Disney :) )
I think so many families would love to go to Disney, but cannot afford it -- gee, I was 32 the first time I ever went, and my husband was in his 40's for his first trip (which was also my first trip). When I was little, my grandma had a postcard of WDW on a shelf above the tv ... when I was little it was always just a dream to go, because we couldn't possibly afford a trip ... now that I am older and can afford to go, almost every time I visit I think of the picture on my grandma's shelf .... I think it would be great if more could visit Disney instead of dreaming on a postcard.
I know those managing the company deserve to be paid ... just not as much as they are. I think the success of the comapny is far more due to the Cast Members and guests ... without the mousekeepers, park and resort staff, bus drivers, etc making an enjoyable trip for guests, there would be no profits. I think the profits should be passed along to those who really brought them about :)
WDW is a success in part due to the CM's many of who earn minimum wage or a little just over that. That and the fact that many people love Disney.
Disney will never give discounts to the general public. They only do that for conventions, because they'd rather not lose the convention business to another Orlando hotel or to another state.
Did you know Disney Park attendence is were it was 2001 pre 9/11 attendence. Now they have NO reason to provide mass discounts because people are still going, even though gate admission, food-beverage & merchandise prices are up & probably will go up again this year.
The week of 9/11, we had a vacation planned for WDW, we kept the vacation & went. Many people did not, the parks & resorts were so empty. We went back to WDW for Christmas 2001, The parks were slow. There had been many newspaper articles & tv reports about how slow WDW was, yet they still did not lower prices or offer more discounted rooms than the usual block of discounted rooms.
I have friend who worked in CRO (Central reservations for Disney) she told me that they would rather the room be vacant, then discount the room, that's why even of rooms are empty they will not let priceline, travelocity & others have them. To me that makes absoutely NO sense as a vacant room can not generate additional revenue for the hotel, (food & beverage sales, mercnahdise sales).
I always talk to CM's & espically make a point to say Hi to the custodial staff at the parks (the lowest paid), generally all Disney Cm's are friendly.
I am a HUGE Disney buff and read so much about the company in general. Disney is very enviornmentally conscious. They put a lot of their money toward enviornmental conservaion. They help to save and re-populate endangered species. Recycle everything from water to energy. As we all know, it costs more money to do these things than you can imagine. Part of loving Disney is loving what Disney as a company stands for. The Disney Company takes good care of all of it's employees via salary paid and and benefits.
And in regard to the fact that they would rather a room be vacant than to discount the room, is because of the expense that the company has when it is occupied. from the cost of electricity and water, to gas for the shuttle busses to and from the parks, to the salary that they have to pay a housekeeper to clean it. The possibility of overcrowding, etc. Imagine how you as a guest paying full price would feel to know that the reason you have to wait an hour for a bus to the park, or 3 hours to ride your favorite ride, is because they offered discounted rooms just to fill them, making your experience less enjoyable. Believe me, that is why they pay the big bucks to the "execs", to take all of this into consideration. They WANT you to have the time of your life. THey know that for most families, Disney is a once in a lifetime experience.
I am a business owner, and lets face it, Disney is a business. If we are in business, we are in it primarily to make money. Disney does an excelent job af giving back.
Good salary? Not by many accounts. Do you know many CM's are part time? Many of these part time Cm's work another job to make enough money to pay bills. They offer great benefits, to Part time Cm's also? Certainly you don't mean the discount, & comp tickets?
I a huge huge fan, who wanted to work for them- But will not work for them because they would not pay me what I earn now at another company.
A booked room -even a room at a discounted rate, generates revenue for the hotel. The room expenses are well covered by the discounted rate. A booked room generates additional revenue for the hotel. I have friends in management at non-disney hotels and they all would disagree on your views on that.
Disney is NOT over crowded. Only time it get PEAK crowds is Christmas, Easter & Summer, peak meaning a park will close to admissions for a few hours.
Also remember 65.00 a day gate admission to a family of four, plus 11.00 parking fee (unless staying on site), riding food & beverage prices will catch up to them.
Yes it is a magical vacation. But it is getting way over priced. Do you think 65.00 admission for a one day pass is a good think for Disney/Mgm or Animal Kingdom? Go to Guest relations spend 1 hour (if you have the time) in that hour you'll see how many comp tickets just those tow parks hand out.
I know they are a business, I know they are in business to make money. I love Disney, don't get me wrong, the cost to visit are getting out of control.
The soda you pay 2.75 for costs them .50 cents for the cup & .05 cents to make the soda.
Tee-shirt they sell for 22.50 costs them arond 2.00-4.00 (as they buy thousands).
Over -inflated costs? Yes. Does it keep me away? NO.
Does it mean I go less often? yes.
Does that mean since I go less often I spend less money than I did? YES.
Have you heard of the trickle down effect?
Watch it will happen to them soon enough.