Geoff Morrell: Top executives, such as CEOs and C-level executives, typically earn very high salaries and often receive significant bonuses and other forms of compensation.
The exact amount can vary widely depending on the company, industry, and location, but it is not uncommon for top executives to earn millions of dollars per year.
Additionally, many top executives also receive stock options and other forms of equity compensation, which can provide them with even more wealth over the long-term.
For a company with a prominent stature like Disney, being a top executive carries plenty of responsibility.
Geoff Morrell is a former chief corporate affairs officer for Disney in early 2022, but his tenure was short-lived.
Despite his brief stint, Morrell earned an astounding six-figures in the three months he ran the company.
How much he made
The salary of a Chief Corporate Affairs Officer (CCAO) can vary widely depending on the company, industry, and location.
According to data from Glassdoor, the average salary for a CCAO in the United States is around $150,000 per year.
However, this can vary significantly based on factors such as the size of the company and its industry.
For example, a CCAO working for a large, publicly-traded company in a major metropolitan area may earn a significantly higher salary than a CCAO working for a smaller, privately-held company in a rural area.
However, according to The Wall Street Journal, Geoff Morrell made a hefty $150,000 a day while running Disney’s public relations and governmental affairs team.
A Disney filing last week also revealed that he received $8.3 million in salary and bonuses.
The amount covers his three months while in the position and a further five months while on the payroll.
Geoff Morrell was instigated as CCAO on January 24, 2022, and while his departure was announced in late April, his last day was on June 30, 2022.
Breaking down the sum
Geoff Morrell’s salary included a sum of $537,438 to relocate his family from London when he accepted the CCAO position.
He also received an extra $500 grand for his “unique circumstance” to relocate the family back after his release.
According to a Disney employee, Morrell was given $2 million less than the filing’s alleged $8.3 million compensation.
The lower compensation came courtesy of performance-based payments that weren’t conferred due to his brief run.
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However, there was an extra benefit excluded from Morrell’s compensation figures.
Disney purchased the home he acquired for $4.5 million in a move that many suspect would soften the blow from the cooling market.
As of October, the home remains up for sale.
Disney will accept whatever it can for the home.
Additionally, Disney reimbursed Morrell his original purchase price, but it is also excluded from his compensation in the filing.
Additional Disney payouts
Although the entertainment company has already spent big money on Geoff Morrell, Disney is still doing more to complete his contract.
The former Disney CCAO will receive $4 million in the current fiscal year (ending October 1) to complete the payment for the rest of his contract.
Morrell will also get the target bonus he would have received last year.
The additional $4 million is part of the $8.3 million in compensation for 2022.
Geoff Morrell’s total compensation amounts to $10.3 million.
It is already adjusted for the unvested $2 million performance bonus and the impending $4 million.
Between his hiring and April departure, Morrell earns over $148,000 daily (if weekdays are the only days counted) or $108,000 for working every day for a week.
Before joining Disney, Geoff Morrell worked on the PR staff for BP for more than a decade.
During his last 17 months, Morrell acted as the executive vice president of public relations and advocacy.
Prior to that, he steered the company through the Deepwater Horizon situation and its resulting oil spill.
When he arrived at the entertainment company, Disney dealt with a PR problem.
Following Florida’s parental rights in the education legislation, the company faced severe criticism.
The bill prohibits gender identity and sexual orientation education through the third grade.
It also restricts materials referring to the issues that can be available to older children.
Disney attempted to stay out of the legislation under new CEO Bob Chapek.
However, it only upset several Disney employees.
Upon criticizing the bill, Chapek angered Florida Governor Ron DeSantis and the Republican Florida legislature.
As a result, Disney was stripped of the decades-long rights that allowed it to operate as an independent government around the Orlando theme park.
Geoff Morrell was released days later.
Following his Disney exit, Geoff Morrell found himself in another prominent position.
Earlier this month, he became the president of the global strategy and communications of global CEO advisory firm Teneo.
Meanwhile, Bob Chapek was fired by Disney in November with Bob Iger making a return.
Chapek had a good financial run.
According to a regulatory filing last week, he received a severance package of over $20 million on top of the $24 million he received in 2022.