The move will follow chairman John E. Pepper's retirement from the board at the March 2012 meeting. Until then, Iger will remain president and chief executive officer.
Iger will hold the positions of chairman and chief executive officer through March 31, 2015, at which time a new CEO would be named. Then Iger will serve as executive chairman for 15 months through June 30, 2016.
The board will also select an independent lead director when Iger assumes the role of Chair immediately following the meeting in March.
"As one of the most iconic brands and preeminent companies in the world, The Walt Disney Company requires a leader with the proven ability to drive creative and financial success in a dynamic world. For more than six years, Bob Iger has proven he has that ability at the highest level," says Mr. Pepper. "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."
"I'm privileged and grateful to lead The Walt Disney Company and our talented, dedicated team at this exciting time," says Iger. "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."