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Walt Disney Co.’s board extended Robert Iger’s contract as chairman and chief executive officer for two years to June 2018, putting off a decision on who will succeed one of the industry’s most successful CEOs.
The move extends the term of an executive who has tripled the company’s market value and produced record sales and profit since taking over the Burbank, California-based company in 2005.
“Under his tenure, Disney has reached unprecedented creative and financial heights, driving the stock price to record levels and creating extraordinary value for shareholders,” Orin C. Smith, independent lead director, said today in a statement.
Iger revived Disney’s animation business with the purchase of Pixar and has produced successful blockbusters from its acquisition of Marvel. He expanded in cruise ships and is opening a new theme park in Shanghai. Iger also acquired Lucasfilm, and the company will release a new “Star Wars” film next year.
Disney fell 1.2 percent to $86.43 at 2:06 p.m. in New York. The stock had gained 15 percent this year through yesterday.
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