The filing reveals a staggering amount the former Disney CEO earned during his short tenure

Initial power of attorney statement filed on tuesday before The Walt Disney Company He revealed the massive amount of money former CEO Jeff Morrell earned in connection with his time at the entertainment giant.

Morrell’s tenure as chief corporate affairs officer spanned less than four months. He began work in January 2022, about a month and a half after Disney said it had hired him, and He announced his exit in late april.

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He told his staff at Disney At the time, it “cleared” to him that “for a number of reasons” the role was “unsuitable” and he decided to “leave the company to pursue other opportunities” after speaking with then-CEO Bob Chapek according to an email obtained by FOX Business.

Jeff Morrell wearing a suit and tie in an office building

Geoff Morrell, BP’s senior vice president of communications and US foreign affairs, is pictured in the company’s city center office. (Photo by Tom Williams/CQ Roll Call) (Photo by Tom Williams/CQ Roll Call/Getty Images)

the Initial agent statement Disney filing with the Securities and Exchange Commission detailed Morrell’s salary package of more than $8.365 million for fiscal year 2022, including a $489,500 salary, $2.75 million sign-on bonus, stock awards, option bonuses, and other compensation. Disney said the sign-on bonus was “primarily to replace lost compensation from a previous employer”. The giant oil company BP.

He received $500,000 “to absorb the cost Mr. Morrell had spent in connection with the International transportation of his family” to join Disney, according to the filing. The company also gave him $500,000 in June 2022 “to account for his unique circumstances, including costs incurred by Mr. Morrell, who was in the process of moving his family internationally.”

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He was paid roughly $119,500 for each day of the 70 week he worked at Disney. The Wall Street Journal I mentioned earlier to compensate him.

A person at Disney told the Wall Street Journal that because some performance-based payments are not due, the “realized value” of Morell’s 2022 financial compensation is expected to be about $2 million less.

Disney + logo

Attendees are reflected in the Disney+ logo during the Walt Disney D23 Expo in Anaheim, California on September 9, 2022. (Patrick T Fallon/AFP via Getty Images/Getty Images)

The SEC filing said Morrill will be entitled to more than $2.5 million in salary remaining through the end of the term of the original employment agreement, $1.5 million equivalent to the target bonus and purchase of the home he purchased. California If he “successfully completes all terms of the post-employment counseling and public release agreement.”

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Bought it “outside seller” Homepage on behalf of Disney in the summer of 2022 for the original purchase price, according to the initial agent statement. As of October last year, the property has not been sold, the company said, but that any associated gains or losses will be recognized by Disney, not by Muriel.

The initial agent’s statement also provided insight into compensation Other Disney directors In fiscal 2022, as Chapek and CEO Bob Iger.

Eger He returned to Disney to become CEO for two years in November, having previously held the title from 2005 to 2020 and served as CEO until 2021. Chapek has led the company since February 2020, shortly before the pandemic triggered worldwide lockdowns.

Disney world

Cinderella’s freshly painted castle is seen at Walt Disney World’s Magic Kingdom with the logo to celebrate the theme park’s 50th anniversary on Monday, August 30, 2021, in Lake Buena Vista, Florida. Cancellation (AP Photo/John Raoux, File/AP Newsroom)

The company Chapek leads faced a period of political turmoil in early 2022, including over a Florida law that bars the teaching of sexual orientation in kindergarten through third-grade classrooms.

Disney’s initial filing comes on tuesday amid a proxy battle With activist investor Nelson Peltz and the Trian Group. Peltz is seeking a seat on the company’s board of directors.

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entertainment giant Inventory It was trading at around $99 on Wednesday, up about 11% from the start of 2023 and down about 34% from last year.

Disney had not responded to an inquiry from FOX Business at the time of publication. Morell declined to comment.

Adam Sabes contributed to this report.

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