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The Walt Disney Co. has extended the employment agreement of its Chief Legal Officer, Horacio Gutierrez, by two years. This extension will see Gutierrez working through December 31, 2026, with an annual base salary of $1.5 million starting from January 1. The extension comes as a strategic decision by Disney, given Gutierrez’s pivotal role in the company since joining Spotify Technology SA two years ago.
Contract Extension and Salary Adjustment
According to a securities filing on December 22, Disney disclosed the extension of Gutierrez’s contract, initially set to expire at the end of the following year. The annual base salary increase to $1.5 million, effective January 1, reflects the company’s commitment to retaining top talent and acknowledging Gutierrez’s significant contributions.
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Promotions and Expanded Responsibilities
Simultaneously, Disney announced the promotion of Horacio Gutierrez from General Counsel to Chief Legal Officer. He will continue to serve as the company’s Chief Compliance Officer, a role he assumed earlier this year. This expansion of responsibilities underscores Gutierrez’s integral position within Disney’s leadership team.
Background and Compensation Details
Gutierrez’s journey at Disney began two years ago when he was recruited from Spotify, where he served as General Counsel. Previously, he held the same position at Microsoft Corp. His total compensation from Disney in fiscal 2022 amounted to nearly $15.2 million, solidifying his role as the successor to Disney’s retired legal chief, Alan Braverman. As of now, Gutierrez holds over $856,000 in Disney stock.
Long-Term Equity Incentives
The amended employment contract includes an increase in Gutierrez’s long-term equity incentive annual award to 600% of his new $1.5 million base salary. This enhancement is a strategic move to align Gutierrez’s incentives with the company’s long-term success.
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Key Role in Leadership Changes
Reports suggest that Gutierrez, alongside other senior executives and the board, played a crucial role in the decision to replace Robert Chapek as CEO in late 2022, bringing back former leader Robert Iger.
Other Developments in Disney’s Legal Team
The legal landscape at Disney has experienced additional changes in the past year. In October, Peter Wiley, the Chief International Counsel, retired and was succeeded by Nicola “Nikki” Keat. A. Louise Pentland was appointed Chief Counsel for Disney’s theme park business in September.
Legal Representation and High-Profile Dispute
Disney, represented by O’Melveny & Myers and Wilmer Cutler Pickering Hale and Dorr, has been entangled in a high-profile dispute with Florida Governor Ron DeSantis. The lawsuit, initiated this year and narrowed in September to focus on freedom of speech, remains a notable legal challenge for the media conglomerate.
In navigating these legal intricacies and organizational shifts, Disney demonstrates its commitment to a robust legal framework and strategic leadership under the guidance of Horacio Gutierrez.
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