LOS ANGELES, Calif. (FOX 11) - The granddaughter of Walt Disney Co. co-founder Roy O. Disney and grandniece of Walt Disney says CEO Bob Iger's reported $65.6 million compensation is "insane.''
Abigail Disney, who owns a small share of Disney stocks, said Iger's compensation package is an example of companies rewarding top executives at the expense of lower-wage workers, including theme park workers, the Los Angeles Times reported.
She cited a recent study that stated Iger's compensation was more than 1,400 times that of the median Disney employee, according to the Times.
"Let me very clear. I like Bob Iger. I do NOT speak for my family but only for myself. Other than owning shares (not that many) I have no more say in what happens there than anyone else. But by any objective measure a pay ratio over a thousand is insane,'' the philanthropist and documentarian tweeted Monday morning.
"When he got his bonus last year, I did the math, and I figured out that he could have given personally, out of pocket, a 15% raise to everyone who worked at Disneyland, and still walked away with $10 million," Disney said at an event Thursday, according to Fast Company.
In a statement from Disney, the company said it has made "historic investments'' that benefit its workers, including a starting wage of $15 an hour, double the federal minimum wage. The statement said Disney has committed up to $150 million for an education initiative for hourly workers to earn a degree free of charge.
"Mr. Iger's compensation is 90 percent performance-based and he has delivered exceptional value for shareholders,'' the statement added. "Disney's market capitalization has grown exponentially over the last decade, rising $75 billion in the last month alone.''
Abigail Disney launched her own production company after a failed attempt to purchase assets of Weinstein Company, the newspaper reported.
CNS contributed to this report.