The Walt Disney Co. Board of Directors announced Thursday that it has extended Robert A. Iger’s contract as chairman and chief executive officer to July 2, 2019.
“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.
“Mr. Iger has led The Walt Disney Company to unprecedented success during his 11 years as CEO, driving Disney to new creative heights, expanding the company’s global reach, fostering technological innovation, and delivering year-after-year of record financial results.
During his tenure, Mr. Iger has created enormous value for shareholders, with total shareholder return of 448 percent compared to 144 percent for the S&P 500, and a dramatic increase in the company’s market capitalization to $177 billion from $46 billion.”
The 66-year-old Iger responded that leading Disney “is a tremendous privilege, and I am honored to have been asked to continue serving as CEO through July 2, 2019.”
Even with the success Disney 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,” he said
Details of the agreement with Iger are included in a Form 8-K to be filed with the Securities and Exchange Commission Thursday.
—City News Service