Welcome
Corporate Law News

Disney’s Longtime Legal Chief Earned $14 Million in 2019

Jan. 17, 2020, 11:38 PM

The Walt Disney Co., riding high from the success of its Disney Plus streaming service, is keeping its veteran general counsel around for a bit longer.

Alan Braverman, who joined the Burbank, Calif.-based media giant as general counsel in 2003, had his employment contract with the company extended until December 2021, according to Disney’s annual proxy statement filed Friday.

The filing also reveals that Braverman’s cash compensation—a metric that makes him one of the highest-paid law department leaders in the country each year—surpassed $8 million in 2019.

Braverman’s total compensation last year reached nearly $13.72 million, up from nearly $10.42 million in 2018. The sum includes a pension valued at $640,000, his $1.66 million salary, more than $5 million in stock and option awards, and $6.34 million in non-equity incentive plan compensation.

Bloomberg data shows that Braverman currently owns Disney stock valued at $16.1 million.

Disney’s proxy noted that Braverman and company CEO Robert Iger are both eligible for retirement. In recent years, Disney has extended Braverman’s employment agreement, and the company has done so again, to Dec. 31, 2021.

The latest extension saw Braverman increase his annual salary to $1.75 million, which Disney attributed to “his continued outstanding performance.” The amendment also increased the “target annual long-term equity incentive award value from 300% to 350% of his annual base salary,” according to Disney.

Disney closed last year on its $71 billion acquisition of 21st Century Fox Inc.’s entertainment assets. The company said Jan. 17 that it would drop the Fox name after completing that deal.

Braverman did not immediately respond to a request for comment.

To contact the reporter on this story: Brian Baxter in New York at bbaxter@bloomberglaw.com

To contact the editor responsible for this story: Seth Stern at sstern@bloomberglaw.com

To read more articles log in. To learn more about a subscription click here.