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Politics : The Donkey's Inn -- Ignore unavailable to you. Want to Upgrade?

To: Mephisto who wrote (1811)	1/5/2002 12:18:43 PM
From: Karen Lawrence	Read Replies (2) \| Respond to of 15516

Fiscal responsibility....I don't think I've seen the likes of this before, CEO's NOT getting bonuses. I wonder if this is Enron-type fallout? No 2001 bonus for Disney chief Eisner In WASHINGTON story headlined, ``No 2001 bonus for Disney chief Eisner,'' in 7th paragraph please read ... Eisner, the 59-year-old executive ... instead of ... Eisner, the 50-year-old executive. (corrects age) A corrected version follows. By John Poirier WASHINGTON (Reuters) - Walt Disney Co. Chief Executive Michael Eisner received no bonus for fiscal 2001 because the entertainment giant failed to meet its financial targets, the company said Friday. The decision by a panel of the company's executive compensation committee was disclosed in a proxy statement filed with the U.S. Securities and Exchange Commission (news - web sites). ``After the end of the fiscal year, the subcommittee determined that the 2001 targets had not been achieved,'' the panel said in the proxy statement. The panel blamed noncash charges associated with the termination of Internet portal Go.com and one-time charges relating to job cuts for Disney's failure to meet targets. Disney cut jobs from Go.com and drastically curtailed operations at its Disney Internet Group, aligning Web sites with existing business divisions. The media powerhouse, which operates theme parks, television networks and movie studios, cut about 4,000 jobs during 2001. ``Consequently, no annual bonuses were paid under the plan,'' the panel said. For fiscal 2000, Eisner, the 59-year-old executive who has also been chairman since 1984, was awarded a bonus of $11.5 million for 2000, with $3 million deferred until 2004. He earned no annual bonus for 1999. His salary was $1 million in fiscal 2001, which ended Sept. 30, up from $813,462 in 2000, it said. Unlike the previous year, Eisner was granted no long-term compensation in the form of stock options. It also showed that he received about $4,000 in other forms of compensation such as life and health benefits. The compensation subcommittee also awarded no bonus to its president, Robert Iger, who received a bonus of $5 million the previous year. It said it considered the company's net income, return on equity and assets, and earnings per share in deciding performance-based compensation for Disney's executives. Last month, it posted a net loss of $158 million, or 2 cents per diluted share, for fiscal 2001, compared with net earnings of $920 million, or 57 cents per share, in the previous year. Disney shares closed 58 cents higher at $22.70 on the New York Stock Exchange (news - web sites) on Friday, having traded within the 52-week range of $15.50 and $34.80. As of Sept. 30, Eisner had more than 6 million exercisable stock options and another 15.3 million options that are unexercisable, according to the statement. REUTERS