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Disney extends Iger’s contract as chairman, CEO
The extension of Iger’s contract maintains the same annual compensation terms as his existing contract. In addition, Iger will have the opportunity to earn a performance-based retention bonus if certain financial performance goals are met over a five-year period ending with fiscal year 2018.
He said, “I’ve had the privilege of being the CEO of this great company for nine years and am thrilled to have the opportunity to continue through June 2018. I’m very excited about what lies ahead, including the release of our ‘Star Wars’ films and the launch of Shanghai Disneyland, and I’m honored to continue working with our talented management team and the 175,000 dedicated people who make this company what it is today.”
Disney board independent lead director Orin C. Smith said, “Iger is the architect of Disney’s current success, with a proven history of delivering record financial results for the company quarter after quarter and year after year. Under his tenure, Disney has reached unprecedented creative and financial heights, driving the stock price to record levels and creating extraordinary value for shareholders. He has transformed Disney’s culture and empowered its businesses to effectively capitalize on evolving markets and new technologies, making Disney a company that doesn’t merely embrace change, but leads it.
“By setting a clear business strategy based on producing high-quality branded content, technological innovation and international expansion—and then over-delivering against that strategy—Mr. Iger has repeatedly proven himself to be a highly effective leader able to create long-term shareholder value. Since he became CEO in 2005, total shareholder return has increased to 311 per cent, compared to just 92 per cent for the S&P 500, and Disney’s market capitalisation has risen to $150 billion from $48.4 billion.
“Mr. Iger’s vision and strategy for the company led to the successful acquisitions of Pixar, Marvel and Lucasfilm, the resurgence of Disney animation, and the dramatic expansion of its parks and resorts around the world, positioning the company for continued long-term growth. Given Mr. Iger’s outstanding record to date, it is obvious that shareholders and the company will be best served by his continued leadership, which is why the Board of Directors has asked him to extend his contract for two years, to June 30, 2018. I am pleased to report that Mr. Iger has accepted. Disney has an incredibly strong senior management team, and the Board is confident in the leadership talent available for succession planning.”