DreamWorks Animation CEO, COO Daly ink rich five-year contracts
Jeffrey Katzenberg has reupped as CEO of DreamWorks Animation through 2017, while chief operating officer Ann Daly also will remain in her current post for another five years.
Both execs are getting salary bumps with the new contracts, revealed Tuesday in a Securities and Exchange Commission filing. Contracts stipulate that Katzenberg and Daly and will continue to collect their salaries, benefits and bonuses through the term of their deals should DWA be acquired and the execs replaced.
Katzenberg will now earn an annual salary of $2.5 million, up from the $1 he’s been paid each year since the company went public. That comes as his equity incentive awards has been reduced to around $4.5 million from $8 million. He also will continue to be reimbursed for business travel, use of the company’s private jet and a personal security detail, the latter of which began in March.
The CEO is taking a salary after seeing his compensation drop 40% last year to $4 million, according to a proxy filing.
Daly, meanwhile sees her salary increase to $1.5 million from $1 million, with cash incentives doubling to $1.5 million starting in 2013.
Separately, Andrew Chang also will remain as the company’s general counsel through the end of 2015.
Katzenberg’s current contract was set to expire in April 2014, but now extends through Oct. 23, 2017.
New contracts were inked as DWA is readying to announce its third quarter results on Thursday. The earnings were delayed to from Tuesday because of the disruptions caused on the East Coast by Hurricane Sandy.
Deals also come as DWA is settling into its new distribution deal at 20th Century Fox, announced in August. Toon studio last week tapped Mellody Hobson last week to replace Roger Enrico as its board chairman.