Breaking News: Bob Iger's Contract Extended Through July 2nd, 2019

Rumors have been swirling that Disney CEO, Bob Iger, might extend his position of CEO if a successor was not appointed at the end of his current contract.

Today, CNBC has confirmed that The Walt Disney Company Board of Directors has has indeed extended Iger’s contract until July 2nd, 2017.

BREAKING: Disney CEO Iger extends contract until July 2019. https://t.co/YKho1O67Ek pic.twitter.com/no5Y0wPQ7c

— CNBC (@CNBC) March 23, 2017

“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, who is the lead independent director of Disney’s 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,” Smith said. “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.”

Variety reports that there is a pact that “calls for Iger to serve as a consultant to Disney for three years following his exit as CEO.”

“In addition to his regular salary, Iger is scheduled to receive a $5 million bonus in 2019 for sticking around another year, according to a Securities and Exchange Commission filing Thursday. When he shifts to consultant mode, he’ll earn $500,000 a quarter for the first two years, and $250,000 per quarter for his third year, per the filing.”

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