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Disney Board Extends Iger's Contract as CEO

The Walt Disney Co.’s board of directors said it extended Bob Iger’s contract as chairman and CEO through July 2, 2019.

Iger and the board last year appeared to have picked a successor to Iger in COO Tom Staggs, but the board lost confidence in him and he left the company.

The board has since been searching for another executive to replace Iger when he retires, but no name has surfaced.

Iger has said that if the company needed him, he would stay on past his planned departure date in 2018.

“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%, compared to 144% for the S&P 500, and a dramatic increase in the Company’s market capitalization to $177 billion from $46 billion.”