Retirement plans for Disney CEO Bob Iger
Oct 7, 2011
A new contract was announced today between the Walt Disney Company Board of Directors and Robert Iger. Iger will continue in his role as Disney President and CEO until March 31, 2015, when a new CEO will take over. After that date, he will serve as executive chairman until June 30, 2016. In addition to his current roles, Iger will also become chairman of the board in March of 2012, after current Chairman John E. Pepper retires at the 2012 annual shareholder meeting. Iger's current contract didn't expire until January 31, 2013, but the company wanted to ensure that they would have his leadership for several more years. This new agreement will also give them the chance to have a seamless transition in putting the next CEO in place.
Pepper said, "For more than six years, Bob Iger has proven he has that ability at the highest level. The Board is delighted that the company has been able to secure the longer-term continuation of Bob's unique blend of experience and leadership skills. His ability to bring together the many parts of Disney's business against a clear and proven strategy, while instilling a culture of innovation, collaboration and discipline, will continue to serve the long-term interests of shareholders."
Iger responded by saying, "I'm privileged and grateful to lead The Walt Disney Company and our talented, dedicated team at this exciting time. I'm committed to increasing long-term value for shareholders and am confident we will continue to do so through the successful execution of our core strategic priorities: the creation of high quality, branded content and experiences, the use of technology, and creating growth in numerous and exciting international markets."
The new agreement also led to an increase in base salary pay for Iger, up $500,000 to $2.5 million per year. He is also eligible for annual bonuses based on the performance of the company.