Iger Agrees to New Five-Year Extension at Walt Disney

BURBANK, February 4: The
Walt Disney Company’s Board of Directors has signed Robert A. Iger to a new
five-year contract to remain in his current position as president and CEO.

Iger’s previous contract would
have expired on September 30, 2010. The new contract will end on January 31,
2013.

Iger became Disney’s chief
executive on September 30, 2005. In the two fiscal years since he assumed his
role, the company has posted record revenues, net income and earnings per
share. In fiscal 2007, the company’s revenue rose 5 percent to $35.3 billion.
Net income per share for the year excluding certain items was up 24 percent to
$1.92.

In 2006, Iger oversaw the
acquisition of Pixar Animation Studios as part of his strategy of strengthening
Disney’s position as the worldwide leader in family entertainment. Under Iger,
Disney has announced the expansion of its parks and resorts businesses, such as
cruise ships and vacation clubs, as well as the acquisition of Club Penguin,
one of the fastest-growing online virtual worlds for kids. It has created
global franchises like High
School Musical, Hannah Montana and Cars, driving revenue across multiple Disney businesses. Disney has also
increased its presence in international markets, particularly in countries like
China, India and Russia.

“Bob is a talented and
visionary leader, under whom Disney has posted increases in growth and
profitability that have consistently exceeded expectations,” said John E.
Pepper Jr., the chairman of The Walt Disney Company’s Board of Directors. “We
are confident he will continue to lead this extraordinary company and talented
management team to new levels of creative and business success.”

The Walt Disney Company’s
Board of Directors also approved a new five-year contract for senior executive
VP and chief financial officer Thomas O. Staggs to April 1, 2013.

—By Irene Lew