Geoff Morrell: The normal salary for top executives, such as CEOs and C-level executives, is quite high, and they typically earn significant bonuses and other types of incentives.
Top executives often earn millions of dollars annually, although the specific amount might vary greatly based on the firm, industry, and location.
Many top executives furthermore obtain stock options and other kinds of equity pay, which can ultimately increase their wealth.
Being a senior executive at a corporation of Disney’s magnitude comes with a lot of responsibilities.
Early in 2022, Disney employed Geoff Morrell as its top corporate affairs officer, but he left after only a few months.
Despite his short tenure, Morrell managed to make an astonishing six figures during the three months he was in charge.
How much he made
Depending on the organization, sector, and location, a Chief Corporate Affairs Officer’s (CCAO) pay might differ significantly.
The average annual pay for a CCAO in the United States is roughly $150,000, according to statistics from Glassdoor.
However, depending on variables like the company’s size and sector, this might differ dramatically.
For instance, a CCAO employed by a big, publicly listed business in a major city would get a much greater pay than a CCAO employed by a smaller, privately held business in a remote location.
However, The Wall Street Journal reported that Geoff Morrell, who oversaw Disney’s public relations and political affairs staff, earned a substantial $150,000 per day.
Additionally, it was disclosed in a Disney filing from last week that he collected $8.3 million in pay and incentives.
The sum covers both his five months on the payroll and his three months in the post.
Although his resignation was announced in late April 2022, Geoff Morrell’s last day as CCAO was June 30, 2022.
He was appointed on January 24, 2022.
Breaking down the sum
When Geoff Morrell accepted the CCAO post, his compensation package included $537,438 to help him move his family out of London.
For his “special predicament” to move the family back following his release, he was given an additional $500,000.
A Disney employee claims that Morrell received $2 million less than the filing’s reported $8.3 million salary.
Due to his short tenure, performance-based rewards were not given, which resulted in the lesser compensation.
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However, Morrell’s compensation numbers did not include an extra benefit.
Many believe that Disney’s $4.5 million acquisition of the house would lessen the impact of the market’s cooling.
The house is still on the market as of October.
Disney will take everything it can get for the house.
Furthermore, Disney gave Morrell his initial purchase price back, although this isn’t counted as part of his pay in the filing.
Additional Disney payouts
Disney continues to take additional steps to fulfill Geoff Morrell’s contract despite having previously spent a significant amount of money on him.
The remaining $4 million of the former Disney CCAO’s contract will be paid to him during the current fiscal year, which ends on October 1.
The target bonus that Morrell would have gotten last year will likewise be given to him.
The $8.3 million in salary for 2022 includes the extra $4 million.
The overall compensation for Geoff Morrell is $10.3 million.
The unvested $2 million performance incentive and the upcoming $4 million have already been taken into account.
Morrell made almost $148,000 per day (if just workdays are considered) between his employment and April’s departure, or $108,000 if he worked seven days a week.
Geoff Morrell spent more than ten years on the BP PR team before joining Disney.
Morrell served as the executive vice president of advocacy and public relations for the last 17 months.
He had previously guided the business through the Deepwater Horizon incident and the ensuing oil spill.
Disney handled a PR issue shortly after he joined the media company.
The corporation received harsh criticism once Florida’s parental rights legislation was incorporated into school law.
Through the third grade, gender identity and sexual orientation instruction are forbidden by the bill.
Additionally, it limits the kinds of information on the subjects that are available to older kids.
Under the leadership of new CEO Bob Chapek, Disney made an effort to skirt the law.
It only angered a few Disney employees, however.
Chapek’s criticism of the measure infuriated Republican lawmakers in Florida as Governor Ron DeSantis of Florida.
As a result, Disney lost the authority it had had for many years to govern the area around its theme park in Orlando.
Days later, Geoff Morrell was discharged.
Geoff Morrell found himself in another prestigious job after leaving Disney.
He was appointed president of Teneo’s worldwide strategy and communications earlier this month. Teneo is a global CEO advising organization.
Meanwhile, Bob Chapek was let go by Disney in November, and Bob Iger made a comeback.
Chapek enjoyed a profitable period.
He received a severance payout worth nearly $20 million in addition to the $24 million he received in 2022, according to a regulatory filing made last week.