The Walt Disney Co. said it extended Bob Iger’s contract as chairman and CEO of the company through June 30, 2018.
Under Iger’s predecessor, Michael Eisner, Disney had trouble setting up a succession plan as a series of heirs apparent fell out of favor. It is not clear who at the company would succeed Iger when he does retire, two years later than previously planned.
Under Iger, the company has been successful, with acquisitions of iconic brands such as Marvel and Star Wars helping to boost the company’s stock to record levels. Disney has also been a leader in adopting new technologies throughout its business.
“Bob Iger is the architect of Disney’s current success, with a proven history of delivering record financial results for the company quarter after quarter and year after year,” Orin C. Smith, independent lead director of the Disney Board, said in a statement. “Disney has an incredibly strong senior management team, and the Board is confident in the leadership talent available for succession planning.”
Iger’s new contract leaves his compensation terms unchanged.
“I’ve had the privilege of being the CEO of this great company for nine years and am thrilled to have the opportunity to continue through June 2018,” Iger said. “I’m very excited about what lies ahead, including the release of our Star Wars films and the launch of Shanghai Disneyland, and I’m honored to continue working with our talented management team and the 175,000 dedicated people who make this company what it is today.”