Bob Iger's contract as Chairman and Chief Executive Officer extended to 2019

Mar 28, 2017 in "The Walt Disney Company"

The Walt Disney Company announced late last week that it has extended the contract of Chairman and CEO Bob Iger.

Iger, 66, will now stay in his role at the company until July 2 2019, a position he has held for the last 11 years.

This will be the fourth time that his position at the company has been extended, after previously announcing departure dates from the company.

Iger's last extension with the company was to be until June 2018, announced in 2014. Disney had previously announced a June 30 2016 departure date in July 2013, then in October 2011 that Iger would step down as CEO on March 31 2015, and then serve as Chairman until June 30 2016.

"Given Bob Iger's outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney's future, it is obvious that the Company and its shareholders will be best served by his continued leadership as the Board conducts the robust process of identifying a successor and ensuring a smooth transition," said Orin C. Smith, Independent Lead Director of the Disney Board.

"Leading this great company is a tremendous privilege, and I am honored to have been asked to continue serving as CEO through July 2, 2019," Mr. Iger said. "Even with the incredible success the Company has achieved, I am confident that Disney's best days are still ahead, and I look forward to continuing to build on our proven strategy for growth while working with the Board to identify a successor as CEO and ensure a successful transition."

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Article Posted: Mar 28, 2017 / 9:56am EDT