Iger to Exit CEO Role at Disney in 2015

BURBANK: Under the signing of a new contract, Bob Iger will continue as the CEO of The Walt Disney Company through March 31, 2015, with a new successor to be named at that time and Iger carrying on as executive chairman through June 30, 2016.

Iger assumes the role of chairman in addition to CEO, following John E. Pepper’s retirement from the board at Disney’s 2012 annual shareholder meeting until March. Iger’s current contract was set to expire on January 31, 2013.

"As one of the most iconic brands and preeminent companies in the world, The Walt Disney Company requires a leader with the proven ability to drive creative and financial success in a dynamic world," said Pepper. "For more than six years, Bob Iger has proven he has that ability at the highest level. The Board is delighted that the company has been able to secure the longer-term continuation of Bob’s unique blend of experience and leadership skills. His ability to bring together the many parts of Disney’s business against a clear and proven strategy, while instilling a culture of innovation, collaboration and discipline, will continue to serve the long-term interests of shareholders."

Pepper continued, "It is for these reasons—continuing the strategic direction and growth of the company while ensuring a smooth transition process to the next generation of leadership—the Board has determined that Bob should assume the additional role of Chairman."

Iger commented: "No CEO could have a better counselor than John—his impeccable integrity, vast experience, and knowledge and appreciation of Disney have been invaluable. I want to thank him for his many contributions, and his support of our people and our strategy including two of the company’s most significant acquisitions in recent years Pixar and Marvel."

"I’m privileged and grateful to lead The Walt Disney Company and our talented, dedicated team at this exciting time," he added. "I’m committed to increasing long-term value for shareholders and am confident we will continue to do so through the successful execution of our core strategic priorities: the creation of high-quality, branded content and experiences, the use of technology, and creating growth in numerous and exciting international markets."