New York
CNN
—
Few top executives have failed or turned a profit as quickly at work as Jeff Morrell.
He became Disney’s chief corporate affairs officer on January 24, 2022, and the company promptly announced Morrell’s resignation in late April.
Morrell made about $150,000 a day in short stints on Disney’s public relations and government affairs teams.of wall street journal We first reported details of his salary package last week.
According to Disney, Morrell received $8.3 million in salary and bonuses during three months of service and five months of salary.
(DIS) Submitted last week. His last date was technically June 30, 2022.
That sum included $537,438 for his family to relocate from London to find work, plus an addition to “explain his unique circumstances” of having to relocate his family again on his departure. included $500,000 of
Disney officials told CNN they were paid about $2 million less than the $8.3 million reported in the filing because some performance-based payments did not vest in light of the shortened employment. Told.
However, as an added benefit not included in the compensation amount, Disney also purchased the house Morrell bought for $4.5 million. It could soften the blow from a soft housing market. The home has not been sold as of October and Disney will receive a profit or loss regardless of the value of the home. Hmm.
Additionally, Disney is buying out Morrell’s remaining contracts.
As such, he will receive an additional $4 million in the current fiscal year ending October 1 to pay off the remainder of his contract and the target bonus he was due to receive in 2022. This his $4 million reward was reported last year.
Therefore, his total compensation would be $10.3 million after adjusting for both the $2 million unverified performance bonus and the $4 million to be paid out.
From his employment until his retirement in April, that would be about $148,000 per day on weekdays only, or $108,000 per day on a 7-day work week.
Morrell did not respond to a request for comment on Disney’s paid package, and Disney declined to comment beyond details of the filing.
Over the windfall, Morrell got another job Since leaving Disney: Earlier this month, he was named president of global strategy and communications units at Teneo, a global CEO advisory firm.
Prior to his brief tenure at Disney, he worked as a public relations staffer for BP.
(BP) He has been with the company for 11 years, the last 17 months as Executive Vice President of Public Relations and Advocacy.Before that, he helped see BP
(BP) Through the Deepwater Horizon disaster and the resulting oil spill.
After he joined Disney, his new employer had its own PR disaster during Morrell’s brief tenure. Disney faced heavy criticism for its response to Florida’s so-called parental rights education law, which critics called the “Don’t Call Me Gay” bill.
The law prohibits teaching gender identity and sexual orientation until third grade, limiting the materials available to older children that address these issues.
Under new CEO Bob Chapek, Disney initially tried to keep quiet about the law, angering a large group of Disney employees. Then, when Chapek finally criticized it, he angered Florida Governor Ron DeSantis and the Republican-dominated Florida legislature, blaming Disney for decades to circumvent the Orlando-area theme parks. It sought to strip away the right it had to operate as an essentially independent government. .
Morrell’s departure from Disney was announced within days of the commotion.
Chapek held out longer, but was fired by Disney’s board of directors in November, and his predecessor, Bob Iger, made a surprising comeback.
Chapek is also doing well financially, receiving a severance package worth about $20 million on top of last year’s $24 million, according to the same regulatory filing last week. This is down from his $32.5 million he earned in 2021.
