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Iger to Remain as Disney CEO Through 2016

Exec to also stay on as chairman 7/01/2013 04:16:19 PM Eastern

Walt Disney Co. announced Monday that Bob Iger will continue
as CEO and chairman of the media and entertainment company through the end of
his contract in 2016.

Iger had been scheduled to give up his post as CEO on April
1, 2015, and then spend 15 months as executive chairman helping his successor
with the transition to new leadership.

But the company now says its board of directors has asked
Iger to remain CEO and chairman through June 2016.

"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," Orin Smith, the lead
independent director on the Disney board, said in a statement.

"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 Smith. "Disney has hit new
heights during Mr. Iger's tenure, with total shareholder return of 193% that
dramatically exceeds the S&P 500s 54%, 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." 

Iger received $40.2 million in total compensation in 2012,
up 20% from the prior year.

"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.

Under Iger's predecessor Michael Eisner, Disney had trouble
with succession, going through a number of potential heirs apparent.

Disney
has also been under fire from corporate governance activists who object to one
person holding both the CEO and chairman posts at a company.

 

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