Disney Extends CEO Robert Iger's Tenure to 2019 -- Update
March 23 2017 - 12:24PM
Dow Jones News
By Ben Fritz
With no successor to take the helm at the world's largest media
company, Robert Iger will stay on at least one additional year as
head of Walt Disney Co., the company said Thursday.
Disney's board has extended Mr. Iger's contract as chief
executive and chairman through to July 2, 2019. His deal had
previously been set to end on June 30, 2018. The change, disclosed
Monday, marked the third time Mr. Iger's tenure has been
extended.
Previously set to retire in 2015 and then 2016, Mr. Iger said
when his contract was extended to 2018 that "this time I really
mean" to retire.
The new extension gives Disney's board more time to find a
potential new CEO. Tom Staggs, a veteran executive who was named
chief operating officer in 2015, was widely viewed as the most
likely candidate, but last year he quit after learning the board,
including Mr. Iger, had lost confidence in him.
Mr. Iger's contract extension calls for his compensation in
fiscal 2019 to be determined on the same basis as fiscal 2016.
However, he will also receive a $5 million bonus if he stays until
July 2, 2019. The extension also calls for Mr. Iger to serve as a
consultant to Disney for three additional years, earning $2 million
for each of the first two years and $1 million for the third.
"I look forward to continuing to build on our proven strategy
for growth while working with the Board to identify a successor as
CEO and ensure a successful transition," Mr. Iger said in a
statement.
The Wall Street Journal reported last month that Disney's board
was considering extending Mr. Iger's contract.
Write to Ben Fritz at ben.fritz@wsj.com
(END) Dow Jones Newswires
March 23, 2017 12:09 ET (16:09 GMT)
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