Walt Disney OKs Chairman's Annual Retainer
07.02.2004, 11:08 AM

The Walt Disney Co. Friday said it has approved a $500,000 annual retainer for Chairman George Mitchell.

The payment is retroactive to March 3, when the separate chairman position was created after 45 percent of shareholders withheld their votes to re-elect CEO Michael Eisner to the board.

That followed a campaign by former board members Roy E. Disney and Stanley Gold, who have pushed for Eisner's removal and blame him for the company's poor performance over the last seven years.

The retainer for other non-management directors was increased to $65,000 from $45,000, the Burbank, Calif.-based company said.

Directors will continue to get an annual option to buy 6,000 Disney shares, subject to shareholder approval of a new stock option plan.

The new retainers bring Disney's practices "into line with those of the company's peers," the company said.