Thomas Staggs Named as Chief Operating Officer of Walt Disney

Thomas Staggs Named as Chief Operating Officer of Walt Disney

The Walt Disney Co. has named Thomas Staggs as chief operating officer. Since Bob Iger, took the top post in 2005, the No. 2 role has remained unoccupied. Back in 1990, Staggs joined the company and since 2010, Staggs has run parks and resorts of the company. He started his career in investment banking.

Now, all the company's operating divisions including television, movies, products and parks will report to Staggs and Iger too. According to Iger, he is going to step down at the end of his current contract in June 2018. So, Staggs has three years to show to the company’s board of directors that he is the best successor.

Decision of Iger to promote Mr. Staggs appears to have knocked out the latter's main competitor for the top job: CFO Jay Rasulo. Rasulo ran the parks unit previous to Staggs.

Iger started his career in the television business. He has transformed the company from a single creative entity into a collection of profitable brands, involving Pixar, Marvel and Star Wars.

According to a regulatory filing, in the new position, Staggs will be paid a base salary of $2 million yearly with a target bonus of $5 million and target equity award every year of $8 million. Total compensation of Iger for the company's last fiscal year was valued at $46.5 million.

Shares of Disney increased 1.2% to $102.52 in afternoon trading on the New York Stock Exchange. Disney runs television networks involving ABC and ESPN, theme parks on three continents, and gaming and consumer products divisions.

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