BURBANK (dpa-AFX) - Entertainment giant Walt Disney Co. (DIS), Monday said it has extended its Chief Executive Officer Robert Iger's tenure by 15 months. The extension will let Iger to remain in the helm until June 30, 2016.
According to Iger's previous deal signed in 2011, he was expected to step down from the top position on April 1, 2015, but was to remain in the role of executive chairman until June 30, 2016. Nonetheless, now he will stay on as CEO for 15 more months.
'Given his outstanding leadership, and to provide continuity of Disney's corporate strategy to create long-term value for shareholders, the board has asked Mr. Iger to remain CEO and chairman until the expiration of his contract on June 30, 2016...,' said Orin Smith, Independent Lead Director of the Disney Board.
Commenting on the board's decision, Iger said, 'I sincerely appreciate this vote of confidence by the Board of Directors, and will continue to work with our talented and dedicated management team to drive creative excellence, innovation and continued growth.'
Iger, 62, was appointed as Disney's CEO in 2005. Since then Iger has been the key to the company's profitability and growth. Under his leadership, Disney made big acquisitions including Pixar, Marvel and Lucasfilm and other major investments in the company's Parks and Resorts business.
'Disney has hit new heights during Mr. Iger's tenure, with total shareholder return of 193% that dramatically exceeds the S&P 500s 54%, and a market capitalization that has risen to $113.7 billion from $48.4 billion when he became CEO in 2005,' Smith said.
DIS closed Monday's trading at $63.93, up $0.78 or 1.24%, on the NYSE.
Copyright RTT News/dpa-AFX