MUMBAI: The Walt Disney Company has extended the contract of its CEO and president Robert A Iger by five years. The announcement was made by the Board of Directors, citing the strong performance under Iger‘s leadership.
Iger‘s previous contract would have expired on 30 September 2010. The new contract will end on 31 January 2013.
"Bob is a talented and visionary leader, under whom Disney has posted increases in growth and profitability that have consistently exceeded expectations," said The Walt Disney Company board of directors Jr chairman John E. Pepper. "We are confident he will continue to lead this extraordinary company and talented management team to new levels of creative and business success."
Iger became Disney‘s chief executive on 30 September 2005. In the two fiscal years since he assumed his role, the company has posted record revenues, net income and earnings per share. In fiscal 2007, the company‘s revenue rose five per cent to $35.3 billion. Net income per share for the year excluding certain items was up 24 per cent to $1.92, stated an official release.
Iger in 2006 oversaw the acquisition of Pixar Animation Studios as part of his strategy of strengthening Disney‘s position as the worldwide leader in family entertainment.
Under Iger, Disney has also announced several initiatives like expansion of its parks and resorts businesses such as cruise ships and vacation clubs, as well as the acquisition of Club Penguin, an online virtual worlds for kids.
It has created global franchises like High School Musical, Hannah Montana and Cars, driving revenue across multiple Disney businesses, like China, India and Russia.
The Board of Directors also approved a new five year contract for senior executive vice president and chief financial officer Thomas O. Staggs to 1 April 2013.
