BURBANK, Calif. — The Walt Disney Company (NYSE: DIS) Board of Directors announced today it has agreed to extend Robert A. Iger’s contract through June 2016 as part of the Company’s ongoing succession planning. Under the new agreement, effective Oct. 1, Iger will assume the role of chairman in addition to chief executive officer following Chairman John E. Pepper’s retirement from the board at Disney’s 2012 annual shareholder meeting in March. 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; Iger will thereafter serve as executive chairman for 15 months through June 30, 2016. Iger’s current contract was set to expire on Jan. 31, 2013.
The Disney board took action at this time to secure the benefit of Iger’s leadership through 2016, provide for an effective, seamless succession and management transition and a continuity of the company’s corporate strategy to create long-term value for shareholders.
As provided in the company’s corporate governance guidelines, the board will also select an independent lead director when Iger assumes the role of Chair immediately following the meeting in March. (more…)