Disney Amends CEO Bob Iger's Total Yearly Pay as Fox Deal Closing Nears

Robert A. Iger attends the 2018 LACMA Art + Film Gala at LACMA  - Getty-H 2018

The exec's employment agreement has been adjusted, with his base salary falling by $500,000.

The Walt Disney Company on Monday said it has amended chairman and CEO Bob Iger's total possible annual compensation by as much as $13.5 million as the closing of its 21st Century Fox deal nears.

Iger's annual base salary will fall by $500,000 to $3 million after the 21st Century Fox transaction closes. In an SEC 8-K filing on Monday, Disney also said it will eliminate the annual $8 million increase in Iger’s annual target bonus, and instead maintain an annual target bonus of $12 million.

“I am proud to be leading The Walt Disney Company through this important time and believe the changes I, with the board, have made are in the best interest of the company,” Iger said in a statement.

Iger spent much of 2018 in a bidding war with Comcast over most of the entertainment assets of 21st Century Fox. When the dust settled, Disney agreed to pay $71.3 billion for the Fox film and TV studio, the broadcast network, some cable channels, Star India and more.

The amended pay package will also see Disney cut by $5 million the annual target long-term incentive award for Iger to $20 million.

The compensation changes, unveiled just before Disney's annual shareholder meeting on Thursday, follows the studio and Iger entering into a new agreement to amend his employment agreement in the wake of an earlier agreement dated Dec. 13, 2017, when the 21st Century Fox transaction was first unveiled.

Iger's total salary jumped 80 percent for the latest fiscal year to $65.6 million. He earned $36.3 million in 2017 and $43.9 million the year before that.

March 4, 12 p.m. Added statement from Iger.