New York
CNN
—
Few prime executives have ever failed in a job so rapidly — or so lucratively — as Geoff Morrell.
He turned Disney’s chief company affairs officer January 24, 2022, and the corporate promptly introduced Morrell’s departure in late April.
Morrell made about $150,000 a day for that fast stint in control of Disney’s public relations and governmental affairs workforce. The Wall Street Journal first reported particulars of his pay package deal final week.
Morrell obtained $8.3 million in wage and bonuses throughout his three months on the job and 5 months on the payroll, in line with a Disney
(DIS) submitting final week. His final day was technically June 30, 2022.
That sum included $537,438 for relocating his household from London to take the job, in addition to an extra $500,000 to “account for his distinctive circumstances” of getting to relocate them as soon as once more upon his departure.
An individual at Disney instructed CNN that he bought about $2 million lower than the $8.3 million compensation reported within the submitting as a result of some performance-based funds by no means vested, given his abbreviated employment.
However in an extra profit not included in his compensation figures, Disney additionally bought Morrell’s residence that he had purchased for $4.5 million — more likely to cushion the blow from a softening housing market. The house had not bought as of October, and Disney will take the revenue or loss on no matter worth it receives for the house. As a result of Disney paid him his unique buy worth, it isn’t listed as a part of his compensation.
What’s extra, Disney is shopping for out the remainder of Morrell’s contract.
So he’ll obtain an extra $4 million within the present fiscal 12 months that ends October 1 to pay out the remainder of his contract together with the goal bonus he would have obtained for 2022. That $4 million will probably be along with the $8.3 million in compensation reported for final 12 months.
So the compensation he’ll obtain in complete — adjusted for each the $2 million unvested efficiency bonus and the $4 million in funds but to come back — involves $10.3 million.
Counting from his hiring till his departure in April, that’s about $148,000 a day if solely weekdays are counted or $108,000 a day if he’s credited with working a seven-day week.
Morrell didn’t reply to a request for touch upon his Disney pay package deal, and Disney declined to remark past the small print within the submitting.
Past the windfall, Morrell has landed one other job since his departure from Disney: Earlier this month he was named president of the worldwide technique and communications unit of Teneo, a worldwide CEO advisory agency.
Previous to his transient Disney tenure he had labored on the general public relations workers for BP
(BP) for 11 years, the final 17 months of which he served as government vp of public relations and advocacy. Earlier than that he helped see BP
(BP) by means of the Deepwater Horizon catastrophe and the ensuing oil spill.
After he got here to Disney, his new employer had its personal PR catastrophe throughout Morrell’s transient tenure: Disney confronted heavy criticism for its response to Florida’s so-called parental rights in schooling laws, which critics dubbed the “don’t say gay” invoice.
The legislation prohibits educating about gender id and sexual orientation by means of the third grade and limits supplies that discuss with these points that may be made out there to older kids.
Disney, underneath its new CEO Bob Chapek, first tried to remain silent on the laws however that angered a big group of Disney staff. Then, when Chapek eventually criticized it, he angered Florida Gov. Ron DeSantis and the Republican-controlled Florida legislature who in flip moved to strip Disney of rights it had had for many years to primarily function as an unbiased authorities round its Orlando-area theme park.
Morrell’s departure from Disney was introduced inside days of that dust-up.
Chapek held on longer however was fired by the Disney board in November, changed by his predecessor Bob Iger in a shocking return.
Chapek additionally did nicely financially, receiving a severance package price roughly $20 million, in line with the identical regulatory submitting from final week, along with the $24 million he made final 12 months — his $2.5 million base wage plus tens of millions in inventory choices and awards. That’s down from the $32.5 million he made in 2021.
