The Walt Disney Company’s board of directors has extended Bob Iger’s contract as chairman and chief executive officer till July 2, 2019.
He was initially to retire in 2016. Here, it is interesting to note that in 2014, his tenure was extended by another two years through June 2018. The Disney board has been seeking his successor for two years.
“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, board of directors, Disney.
In the 11 years tht he was the CEO, Iger helped expand Disney’s global reach and delivered a series of record financial results including a total shareholder return of 448 percent compared to 144 percent for the S&P 500, as well as an increase in the company’s market capitalization to $177 billion from $46 billion.
