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The filing reveals the remarkable amount the former Disney executive earned in a short period of time

The filing reveals the remarkable amount the former Disney executive earned in a short period of time
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Preliminary proxy statement filed on Tuesday The Walt Disney Company Former Corporate Communications Director Geoff Morrell has revealed the huge amount of money he earned during his time at the entertainment giant.

Morrell’s tenure as chief corporate officer lasted less than four months. He started the job in January 2022, about a month and a half after Disney said it had hired him, and announced that he was leaving at the end of April.

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He told his employees disney at which point it “became clear” to him that the role “wasn’t the right fit” for “a number of reasons” and he “decided to leave the company to pursue other opportunities” after speaking with then-CEO Bob Chapek. , according to an email obtained by FOX Business.

Geoff Morrell in a suit and tie in an office building

Geoff Morrell, BP’s US Vice President of Communications and External Affairs, is pictured at the company’s downtown office. (Photo by Tom Williams/CQ Roll Call) (Photo by Tom Williams/CQ Roll Call/Getty Images)

The initial proxy statement In a filing with the Securities and Exchange Commission, Disney disclosed details of Morrell’s more than $8.365 million pay package for fiscal year 2022, including $489,500 in salary, $2.75 million in bonuses, stock awards, stock options and other compensation. The sign-on bonus, Disney said, “is originally intended to replace unpaid compensation from a previous employer.” oil giant BP.

He received $500,000 “to cover Mr. Morrell’s expenses incurred in this matter.” international relocation According to the filing, the company paid him $500,000 to join Disney in June 2022 “to accommodate his unique circumstances, including expenses incurred by Mr. Johnson. Morrell, who is in the process of relocating his family internationally.”

ticker Safety End Change Change %
DIS THE WALT DISNEY CO. 99.05 -0.85 -0.86%

His compensation was roughly $119,500 for each of the 70 days he worked at Disney. The Wall Street Journal reported earlier on his compensation.

A person at Disney told the Wall Street Journal that the “real value” of Morrell’s compensation for fiscal 2022 is expected to fall by about $2 million because some performance-based payments are not guaranteed.

disney+ logo

Attendees are pictured at the Disney+ logo during the Walt Disney D23 Expo on September 9, 2022 in Anaheim, California. (via PATRICK T. FALLON/AFP Getty Images/Getty Images)

The SEC filing said Morrell will be entitled to more than $2.5 million in remaining salary, the equivalent of a target bonus of $1.5 million, and the right to purchase the home he purchased until the end of his initial employment contract. California if he “successfully fulfills all the terms of his post-employment consulting agreement and general release.”

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It was bought by a “third party seller”. man for an initial purchase price on behalf of Disney in the summer of 2022, according to a preliminary proxy statement. As of last October, the property had not been sold, but Disney, not Morrell, “will realize any gain or loss” related to it, he said.

The initial attorney statement also provided information on compensation other disney executives As will Chapek and CEO Bob Iger in fiscal 2022.

igre He held that title from 2005 to 2020 and served as executive chairman until 2021, before returning to Disney for a two-year term as CEO in November. ńĆapek has been at the helm of the company since February 2020, when the pandemic caused lockdowns around the world.

Disney world

The newly painted Cinderella’s Castle at the Magic Kingdom at Walt Disney World is seen with the hill on Monday, August, to celebrate the theme park’s 50th anniversary. 30, 2021, Lake Buena Vista, Florida. Disney fights against the duplication movement (AP Photo/John Raoux, File/AP Newsroom)

Chapek’s company has faced a period of political turmoil since early 2022, including over a Florida state law barring the teaching of sexual orientation in kindergarten through third-grade classrooms.

Disney’s initial filing on Tuesday comes at a time proxy battle with activist investor Nelson Peltz and the Trian Group. Peltz is seeking a seat on the company’s board.

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The entertainment giant stock It traded at around $99 on Wednesday, up about 11% since the start of 2023 and down about 34% over the past year.

Disney did not respond to an inquiry from FOX Business by the time of publication. Morrell declined to comment.

Adam Sabes contributed to this report.

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