Iger will also serve as a consultant to the company following his exit as CEO.
The Walt Disney Company’s board of directors has extended Bob Iger’s contract as chairman and chief executive officer through July 2, 2019.
Several years ago, Iger revealed his plans to step down in 2016; however, 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,” says Orin C. Smith, independent lead director, board of directors, Disney.
During his 11 years as 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.
The contract will also see Iger serve as a consultant to Disney following his exit as CEO.
Previously, Disney had two candidates in line for Iger’s role, former executives Tom Staggs and Jay Rasulo. Staggs, who was promoted to the position of chief operating officer in 2015, left after one year. Rasulo, the company’s former chief financial officer and parks division head, also left the company after being passed over for Staggs’ former position.
Since Staggs’ departure, there has been no clear frontrunner for the job, according to Variety.
“Leading this great company is a tremendous privilege, and I am honored to have been asked to continue serving as CEO through July 2, 2019,” says Iger. “Even with the incredible success the company 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.”