Last year Disney CEO Michael Eisner cleared nearly $6 million, although all but $750,000 of his annual pay comes in the form of a "performance bonus" tied to an increase in the value of the stock. But with Disney shares languishing, Eisner in December approached his board of directors and asked for a new deal. He got it.
Ray Watson, a former Disney chairman and a current member of its board pay panel, recently told the Wall Street Journal that the board is "not setting him up just to send him over a `bonus` check no matter what happens." Yet while Eisner was guarding against incorrect perceptions about his income, local Disney bosses recently sent a memo to cast members. It admonishes them to be more careful about clocking in and out: If a time card shows a mistake, the employee won't get that day's wages for two weeks or more.