Disney CEO Bob Iger delays retirement until 2018
Oct 2, 2014
Bob Iger, Disney's Chairman and Chief Executive Officer, has had his contract extended yet again, this time through June 30, 2018. In 2011, plans were announced for Iger to retire as President and CEO on March 31, 2015. In 2013, those plans were changed to have him step down on June 30, 2016. Today's extension announcement came from the Walt Disney Company Board of Directors.
Orin C. Smith, Independent Lead Director of the Disney Board, said, "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. Mr. Iger's vision and strategy for the company led to the successful acquisitions of Pixar, Marvel and Lucasfilm, the resurgence of Disney animation, and the dramatic expansion of its parks and resorts around the world, positioning the company for continued long-term growth. Given Mr. Iger's outstanding record to date, it is obvious that shareholders and the company will be best served by his continued leadership, which is why the Board of Directors has asked him to extend his contract for two years, to June 30, 2018. I am pleased to report that Mr. Iger has accepted."
Iger said, "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. 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."
Iger became CEO of Disney in 20015. Since then, "total shareholder return has increased to 311%, compared to just 92% for the S&P 500, and Disney's market capitalization has risen to $150 billion from $48.4 billion."