The Walt Disney Company board of directors has extended Robert A. Iger’s contract as chairman and CEO to July 2, 2019.
Commenting on the development, Orin C. Smith, independent lead director of the Disney board, said: “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”.
He added: “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%, compared to 144% for the S&P 500, and a dramatic increase in the company’s market capitalisation to $177 billion from $46 billion.”