Bob Iger, Chairman and CEO of The Walt Disney Company, is going to be in his position for even longer than he thought. On Oct. 2, 2014, it was announced that Disney has officially extended Bob Iger’s contract with the company through June 2018.
Bob Iger has been with Disney since 1999 and previously served as Disney’s President under Michael Eisner.
Disney released a statement:
“By setting a clear business strategy based on producing high-quality branded content, technological innovation and international expansion — and then over-delivering against that strategy — Mr. Iger has repeatedly proven himself to be a highly effective leader able to create long-term shareholder value,” the board’s Independent Lead Director Orin C. Smith says. “Since he became CEO in 2005, total shareholder return has increased to 311%, compared to just 92% for the S&P 500, and Disney’s market capitalization has risen to $150 billion from $48.4 billion.”
Compensation terms for Bob Iger and Disney remain unchanged, but he does now have the opportunity to earn a performance-based retention bonus, should the company meet its financial performance goals over a five-year period through the ending of the 2018 fiscal year.
Disney Parks head Tom Staggs and CFO Jay Rasulo are still being seeing as future successors for Bob Iger, when that time comes around.
Back in 2011, Iger said that he was planning on stepping down as CEO in mid-2015 and remain company chairman until mid-2016. Disney said in 2013 that he could keep both of his titles until the end.
