Walt Disney Co. CEO Robert Iger will step down when his next term ends in 2015, according to a company statement.
No succession plans have been announced regarding who will replace Iger, who is 60 years old. Iger has been at the helm of the world’s biggest media and entertainment companies for six years, and will also be assigned an additional role as the chairman from March 2012 until 2016 said the Board of Directors of the company.
Iger’s chairman position will coincide with the current Chairman John Pepper’s retirement.
“The Walt Disney Company requires a leader with the proven ability to drive creative and financial success in a dynamic world. For more than six years, Bob Iger has proven he has that ability at the highest level,” said John Pepper, chairman of the board.
Iger’s current contract ends in January 2013. Under a new deal, which will run through 2015, the salary of the Disney chief will also increase to $2.5 million from $2 million. According to the company’s announcement, the new deal also includes a $12 million annual cash bonus target, plus options and restricted stock equivalent to $15.5 million.
Iger has been successful. Total shareholder return during Iger’s term as CEO has outperformed the benchmark S&P 500 index by five times, according to the Burbank, Calif.-based Disney.
Iger oversaw the buyout of Steve Jobs’s Pixar Animation Studios, famous for productions such as Toy Story, Finding Nemo, and Cars. Pixar films have been known to be among the top 50 highest grossing animated films of all time. Pixar cost Disney $7.4 billion in 2006.
“I’m privileged and grateful to lead The Walt Disney Company and our talented, dedicated team at this exciting time,” Iger added. “I’m committed to increasing long-term value for shareholders and am confident we will continue to do so through the successful execution of our core strategic priorities: the creation of high quality, branded content and experiences, the use of technology, and creating growth in numerous and exciting international markets.”
Iger became CEO in 2005 after Michael Eisner was ousted following disagreements with other board members including Roy Disney, who is a nephew of Walt Disney, founder of the company.
Disney runs its namesake production studio, as well as owns ABS and ESPN television networks, and in 2009, acquired comics and movie company Marvel Entertainment.
No succession plans have been announced regarding who will replace Iger, who is 60 years old. Iger has been at the helm of the world’s biggest media and entertainment companies for six years, and will also be assigned an additional role as the chairman from March 2012 until 2016 said the Board of Directors of the company.
Iger’s chairman position will coincide with the current Chairman John Pepper’s retirement.
“The Walt Disney Company requires a leader with the proven ability to drive creative and financial success in a dynamic world. For more than six years, Bob Iger has proven he has that ability at the highest level,” said John Pepper, chairman of the board.
Iger’s current contract ends in January 2013. Under a new deal, which will run through 2015, the salary of the Disney chief will also increase to $2.5 million from $2 million. According to the company’s announcement, the new deal also includes a $12 million annual cash bonus target, plus options and restricted stock equivalent to $15.5 million.
Iger has been successful. Total shareholder return during Iger’s term as CEO has outperformed the benchmark S&P 500 index by five times, according to the Burbank, Calif.-based Disney.
Iger oversaw the buyout of Steve Jobs’s Pixar Animation Studios, famous for productions such as Toy Story, Finding Nemo, and Cars. Pixar films have been known to be among the top 50 highest grossing animated films of all time. Pixar cost Disney $7.4 billion in 2006.
“I’m privileged and grateful to lead The Walt Disney Company and our talented, dedicated team at this exciting time,” Iger added. “I’m committed to increasing long-term value for shareholders and am confident we will continue to do so through the successful execution of our core strategic priorities: the creation of high quality, branded content and experiences, the use of technology, and creating growth in numerous and exciting international markets.”
Iger became CEO in 2005 after Michael Eisner was ousted following disagreements with other board members including Roy Disney, who is a nephew of Walt Disney, founder of the company.
Disney runs its namesake production studio, as well as owns ABS and ESPN television networks, and in 2009, acquired comics and movie company Marvel Entertainment.
