Robert Iger Extends Contract as Disney CEO Through Mid-2019
Disney chairman-CEO Bob Iger has extended his contract as the company’s chief executive by one year, through July 2, 2019, a move that had been expected as Disney continues its long search for his successor.
“Given Bob Iger’s outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney’s future, it is obvious that the company and its shareholders will be best served by his continued leadership as the board conducts the robust process of identifying a successor and ensuring a smooth transition,” said Orin C. Smith, who is the lead independent director of Disney’s board.
The pact calls for Iger to serve as consultant to Disney for three years following his exit as CEO. He’s held the top job at the Mouse House since succeeding Michael Eisner in early 2005.
“Mr. Iger has led the Walt Disney Company to unprecedented success during his 11 years as CEO, driving Disney to new creative heights, expanding the company’s global reach, fostering technological innovation, and delivering year-after-year of record financial results,” Smith said. “During his tenure, Mr. Iger has created enormous value for shareholders, with total shareholder return of 448%, compared to 144% for the S&P 500, and a dramatic increase in the company’s market capitalization to $177 billion from $46 billion.”