Warner Bruce discovery CEO David Zasslav His compensation will be “largely” after grazing The company’s division But he will also reap a wide reward for his efforts.
In the SEC file on Monday, the company said it had reviewed the payment packages of Zaslav and CFO Gunnar Wiedenfels, which is about to become the CEO of the global network entity that will result from the division. Zaslav is set to run the Streaming & Studios unit, which includes HBO and Warner Bros, after disintegration. The division, which was announced last week, is scheduled to be officially in mid -2016.
His file said that the new Zassallav agreement “will significantly reduce his target annual compensation, including reducing the opportunity of annual monetary compensation and redirecting the total wage mixture towards long -term incentives.” The change will lead to “strengthening stronger alignment with the stock campaign and stimulating continuous and long -term creation.”
Compensation Committee WBD The Board of Directors started the new recruitment agreements. When modifying the salaries of Zaslav, the committee looked at a “set of inputs”, and the file pointed out, “including shares’ notes obtained over the past few years, the practices of the group of peer and standards, the strategic priorities of WBD and the value of the value of the value” in the division.
After the separation, Zaslav will have a contract until December 31, 2030, and a basic salary of $ 3 million per year. The expected annual monetary reward opportunity will be reduced to $ 6 million, with actual payment based on achieving the performance goals established by the Streaming & Studios Compensation Committee.
The annual rewards are subject to 200 % of the target amount. Zaslav will also qualify for annual stock awards after separation under Streaming & Studios stock incentives. The target value of the prizes will be $ 15.5 million in the first year in which Zaslav receives a stock & studios shares and will decline to an annual targeted value of $ 7.5 million annually after that.
Among the other privileges in the package, Zaslav will get a car allowance of $ 1400 per month and allowed to use company aircraft (or other private aircraft) for up to 125 hours of personal use annually.
Meanwhile, Wiedenfels receives an annual salary of $ 2.5 million and the shares prize with a targeted value of $ 16 million.
WBD Chairman, Samuel A. De Piaza Junior in a statement submitted to the deadline, that the revised executive packages “deal with shareholders’ notes by enhancing the payment of payment for performance, ensuring industry salaries, and stimulating contributions to the situation of new leading media companies to create the value of shareholders.”
While writing on the wall for several months about the division of WBD into two companies, the speed of advertising the planned treatment has amazed Wall Street and the industry. Zaslav, who earned hundreds of millions of millions throughout his professional life in the field of media, often ranked near the summit of all American companies executing, reprimanding WBD shareholders. At the annual meeting of the company, They voted against his salary 2024 From 51.9 million dollars, despite the company’s rules, the vote is not binding and did not lead to any changes to last year’s package.
