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* The Walt Disney Co. reduced Executive Chairman Bob Iger's fiscal 2020 salary by more than half to nearly $21.0 million, as part of executives' decision to voluntarily reduce their compensation amid the coronavirus pandemic's impact on the company's businesses.
After receiving about $47.5 million in compensation in fiscal year 2019, Iger took no salary for the period from April 5, 2020, to Oct. 3, 2020, except for that portion of his base salary needed to fund his contributions to the company's health benefits plan. Iger received about $7.0 million in stock awards and $9.6 million in option awards in 2020.
Bob Chapek, who was appointed CEO of Disney in February 2020, took home about $14.2 million, while CFO Christine McCarthy's fiscal 2020 compensation decreased to about $11.0 million from $15.0 million the prior year.
* AMC Networks Inc.'s newly appointed CFO Christina Spade will receive a minimum annual base salary of about $1.2 million and an annual target bonus opportunity equal to 150% of annual base salary under an employment agreement. The employment agreement provides that, beginning in 2021, it is expected that Spade's participation in the company's long-term equity and other incentive programs will consist of annual grants of cash and/or equity awards with a target value of not less than $3.0 million. Contingent to continued employment, Spade will also be eligible to receive a one-time lump-sum cash bonus equal to $50,000, no later than 60 days after Jan. 15.
In other compensation news:
* Kim Rivera, who will step down as president of strategy and business management, chief legal officer and secretary of HP Inc., effective Feb. 1, will become special adviser to the CEO until Dec. 31. Subject to the terms of the new role, Rivera will continue to be paid her annual base salary through Dec. 31. In addition, Rivera's previously granted equity awards will continue to vest in accordance with their terms through such date, and she will be paid an annual cash bonus at target for fiscal year 2021.
* CenturyLink Inc. tapped Vice President and Assistant Controller Andrea Genschaw to replace Eric Mortensen as senior vice president and controller, effective upon Mortensen's retirement on or about May 14. Effective Jan. 10, Genschaw began earning a base salary of $315,000 per year, is eligible to earn a target short-term incentive award of 65% of her base salary, and an annual long-term incentive award. Genschaw's target long-term incentive for the 2021 grant cycle will be $350,000.
* Vonage Holdings Corp.'s interim CFO Timothy Shaughnessy will continue as interim CFO until Feb. 28 under a deal agreed with the company on Dec. 31, 2020. The agreement includes an option to further extend Shaughnessy's service through March 31, upon mutual agreement between Vonage and Shaughnessy. Pursuant to his extended service, the amendment provides that Shaughnessy will receive a salary of $400,000 per month of service. He will also be eligible to receive a bonus, in such amount and form payable, subject to the board's discretion.
* In other Vonage-related news, the cloud communications services provider's new COO Jay Bellissimo will be eligible to receive an annual base salary of $600,000, a one-time sign-on cash bonus of $2 million, and an annual performance bonus equal to 100% of his base salary in accordance with the company's annual bonus program for senior executives. Bellissimo will also receive a one-time sign-on award of $3.5 million of time-vesting restricted stock units along with an award of $2.5 million, consisting of $1 million of restricted stock units and $1.5 million of performance-based restricted stock units.
* IMAX Corp.'s board approved a one-time grant of time-vesting restricted stock units with a grant value of $400,000 under the company's second amended and restated long-term incentive plan to CEO Richard Gelfond. The executive retention award was offered in lieu of a cash bonus for Gelfond for 2020, who has an annual target bonus of $1.2 million. The restricted stock units will vest over two years and be subject to forfeiture to the extent of an event of voluntary termination prior to end of the vesting period.
* LiveXLive Media Inc. from Jan. 1 resumed paying the monthly base salary of CEO Robert Ellin in cash rather than shares of the company's common stock. Ellin had agreed to receive his monthly base salary in common stock shares from Aug. 1, 2020, through Dec. 31, 2020, to support the digital media company's objectives amid the coronavirus pandemic.
* David Evans will serve as president of new media at Salem Media Group Inc. pursuant to a new employment agreement with the company. Evans will receive a base salary at an annual rate of $550,000 effective as of Jan. 3, at an annual rate of $561,000 effective as of Jan. 1, 2022, at an annual rate of $572,220 effective as of Jan. 1, 2023, and continuing until Dec. 31, 2023, contingent to his continued employment. He will also be eligible to receive two quarterly incentive bonuses worth $8,500 each, two annual incentive bonuses worth $6,800 each, and a $25,000 annual award.
Salem Communications also struck a new agreement with David Santrella under which Santrella will serve as president of broadcast media. The employment agreement provides that Santrella will receive a base salary at an annual rate of $550,000 effective as of Jan. 3, at an annual rate of $561,000 effective as of Jan. 1, 2022, at an annual rate of $572,220 effective as of Jan. 1, 2023, and continuing until Dec. 31, 2023. Santrella will also be eligible for an annual merit bonus in an amount yet to be determined along with reimbursement for an amount up to a maximum of $3,500 per year paid by Santrella for life insurance on his life grossed up to cover all statutory withholdings and income taxes.
