New York
Act Daily News
—
Few high 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 accountable for Disney’s public relations and governmental affairs group. The Wall Street Journal first reported particulars of his pay package deal final week.
Morrell acquired $8.3 million in wage and bonuses throughout his three months on the job and 5 months on the payroll, based on 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 unique circumstances” of getting to relocate them as soon as once more upon his departure.
An individual at Disney advised Act Daily News that he acquired 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.
But in an extra profit not included in his compensation figures, Disney additionally bought Morrell’s dwelling that he had purchased for $4.5 million — prone to cushion the blow from a softening housing market. The dwelling had not offered as of October, and Disney will take the revenue or loss on no matter value it receives for the house. Because Disney paid him his unique buy value, it’s not 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 acquired for 2022. That $4 million can be along with the $8.3 million in compensation reported for final 12 months.
So the compensation he’ll obtain in whole — adjusted for each the $2 million unvested efficiency bonus and the $4 million in funds but to return — 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 main points within the submitting.
Beyond 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.
Prior to his temporary Disney tenure he had labored on the general public relations employees for BP
(BP) for 11 years, the final 17 months of which he served as govt vice chairman of public relations and advocacy. Before that he helped see BP
(BP) by 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 temporary 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 the third grade and limits supplies that discuss with these points that may be made out there to older youngsters.
Disney, below its new CEO Bob Chapek, first tried to stay silent on the laws however that angered a big group of Disney staff. Then, when Chapek finally 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 basically function as an impartial 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 effectively financially, receiving a severance package deal value roughly $20 million, based on the identical regulatory submitting from final week, along with the $24 million he made final 12 months — his $2.5 million base wage plus hundreds of thousands in inventory choices and awards. That’s down from the $32.5 million he made in 2021.