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Disney extends Robert Iger’s contract till 2019

MUMBAI: US media conglomerate Disney’s board of directors has extended Robert A. Iger’s contract as chairman, CEO to 2 July 2019.

“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. Mr. Iger has led The Walt Disney Company to unprecedentd 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 capitaliation to $177 billion from $46 billion,” said independent lead director of the Disney board Orin C. Smith

“Leading this great company is a tremendous privilege, and I am honoured to have been asked to continue serving as CEO through July 2, 2019. Even with the incredible success the company has achieved, I am confident that Disney’s best days are still ahead, and 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,” Iger said.