Bob Iger Extends Disney Contract into 2016

BURBANK: Robert Iger has been signed to an extended contract to remain as the CEO and chairman of The Walt Disney Company through June 30, 2016.

Iger became the chief executive on September 30, 2005. Since this time, he has led the company to record financial results and significant growth through the acquisitions of Pixar, Marvel and Lucasfilm. Iger has also been instrumental in making major investments in the company’s Parks and Resorts business and the expansion into key international markets.

“For nearly eight years as chief executive officer, Bob Iger has proven he has the unique ability to drive creative and financial success at the world’s preeminent entertainment company,” said Orin C. Smith, independent lead director of the Disney Board. “Disney has hit new heights during Mr. Iger’s tenure, with total shareholder return of 193 percent that dramatically exceeds the S&P 500s 54 percent, and a market capitalization that has risen to $113.7 billion from $48.4 billion when he became CEO in 2005. Mr. Iger’s ability to consistently deliver against a strategy of producing high-quality branded content, technological innovation and international expansion has repeatedly resulted in record revenue, net income, and earnings per share for the company.”

Smith continued: “Given his outstanding leadership, and to provide continuity of Disney’s corporate strategy to create long-term value for shareholders, the board has asked Mr. Iger to remain CEO and chairman until the expiration of his contract on June 30, 2016 under his existing annual compensation terms as CEO, under which 92 percent of his pay was performance-based in fiscal 2012. Originally, Mr. Iger was to have relinquished his CEO position and transitioned to the role of executive chairman on April 1, 2015 for 15 months. Now, Disney will continue to have the full benefit of Mr. Iger’s leadership as CEO and chairman for the duration of his tenure. The board remains focused on effective succession planning, and will continue to develop a sound and appropriate process for ensuring a smooth management transition.”

“I sincerely appreciate this vote of confidence by the Board of Directors, and will continue to work with our talented and dedicated management team to drive creative excellence, innovation and continued growth,” Iger said.