Bob Iger to Remain Disney Chief through 2018

Bob Iger Disney

Bob Iger has extended his contract to remain chairman and CEO of the Walt Disney Co. through June 30, 2018.

One of his first moves will be to appoint a chief operating officer in 2015, with the individual most likely groomed to replace Iger when he does retire, sources told Variety.

Disney’s Board of Directors announced the extension of Iger’s contract Thursday.

“Bob 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,” said Orin C. Smith, independent lead director of the Disney board. “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.”

Iger will maintain the same annual compensation terms as his existing contract (he earned $34.3 million in Disney’s fiscal 2013 year). He also 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.

Iger last year extended his tenure as the head of Disney by 15 months, taking him through June 2016. In 2011, Iger set a plan to step down as CEO in April 2015 but the demands of the company’s acquisition of Lucasfilm and theme park expansion plans in China spurred him to extend his tenure.

While Disney has yet to anoint a clear successor to Iger as CEO, chief financial officer Jay Rasulo and Disney theme parks head Tom Staggs are both in contention for the top job — and the COO role.

Iger has been CEO of Disney since he succeeded Michael Eisner in September 2005. He is widely considered one of the industry’s most successful CEOs, having transformed Disney’s operations with key acquisition and expansion initiatives during the past decade.

“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,” Smith said. “Since he became CEO in 2005, total shareholder return has increased to 311%, compared to just 92% for the S&P 500, and Disney’s market capitalization has risen to $150 billion from $48.4 billion.”

The Mouse House has put much of its resources around branded films — including Marvel’s superhero movies, toons from Pixar and Walt Disney Animation Studios, and fantasy fare, while also reviving the “Star Wars” franchise on the big screen.

Iger’s deals to buy Pixar, Marvel and Lucasfilm and revive Disney animation with the blockbuster “Frozen,” while also growing the company’s theme park biz around the world, positioned Disney for continued long-term growth, Smith said.

“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,” he said.

The studio’s 2015 and 2016 film slate includes: “The Avengers: Age of Ultron,” “Star Wars: Episode VII,” “The Jungle Book,” “Cinderella,” Pixar’s “Finding Dory,” “The Good Dinosaur” and “Inside Out,” “Ant-Man,” “Captain America 3,” “Big Hero 6,” “Alice in Wonderland 2” and “Tomorrowland.”

It scored this year with “Guardians of the Galaxy,” which has become the summer and year’s top-grossing film in the U.S. with more than $313 million.

 

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  1. Arnette says:

    Great post. I was checking constantly this blog and I am impressed!
    Very useful info particularly the last part :
    ) I care for such info a lot. I was looking for this particular info for a
    long time. Thank you and best of luck.

  2. I understand that Mr.Iger is a successful COO of The Disney Company. I have a vested interest in the Company and especially the talent. The Company and especially Mr. Iger’s influence on content of television market have impressed me as having a close relationship with a person I work with—god.

  3. MickeyMad says:

    Excellent. Four more years of the same narrow focus on “shareholder value”, while the company moves further away from anything “Disney”. Creatively, the company has suffered under Iger’s reign. However, that’s nothing compared to what Rasulo would do to it. Disney needs a leader with creative vision, not just an accounting degree.

  4. This just in: man with easiest job in the world granted allowance to stay! It actually appears endless coffers CAN buy you good fortune!

  5. Jacques Strappe says:

    Disney appears to be firing on all cylinders now. Iger’s continuation at the helm should lend stability through 2018 and give confidence to investors.

  6. RJ3 says:

    “making Disney a company that doesn’t merely embrace change, but leads it.”

    Really? Like keeping 3D discs like FROZEN out of our hands? Of course, many had to import it from overseas. Well! Disney’s having none of that! So, in addition to preventing American audiences from getting 3D copies of NEED FOR SPEED, RATATOUILLE, MALEFICENT, etc., domestically, Disney has now Region-locked the titles so that people can’t even import them! (Unless they have expensive region-free players. The irony is that FROZEN would have been the best-selling 3D title ever (over AVATAR, GRAVITY, etc.) Yeah…thanks Iger, for being such a “visionary.” Walt would be sickened.

  7. Harry Horton says:

    An interesting company that has expanded into all sorts of areas and still evidently financially fit in well terms. My niece’s apsirations is to become an imagineer, that is she wants to design & build Disney rollercoasters in their expanding theme parks across the world. That is she being an engineering student. Just to give you an idea how intracate and extensive the company ventures are and still they are in excellent financaial shape down through the past decades. In any case, one of the real reasons I am writing is addressing another article, from Variety, one from November 14, 2012. The article: “Pros score all-time classics” Eye on the OScars: Music Preview. Steve Chagollan writer. This article focuses on the movie musical themes over the past years, that is the best ones to appear on the screen as assessed by some musical centered people in the entertainment industry. Some of the obvious favorites and strong themes in my view is the theme from Wuthering HEights (1971), ROmeo and Juliet, with Zeferrelli as JUliet, late 1960s, the musical theme:Into the Fog from Master and COmmander the moivie. And the theme from Das Boot, and its additional modified theme: U Boot in the hunt. ALso Music from Arthur’s Clarke2001: Gaynes Ballet by Kahachatruian. But the real outstanding one that is vastly overlooked in my view —that is simply gorgeous and all encompassing in numerous facets of capturing the spirit of the movie, its people and culture, and this being the French culture during world war II—-this theme is Maurice Jarre’s “Is Paris Burning”. The primary motif in the muisclalpiece is scintillating, extensive and totally French, and also has a lot of decelopment in a lot of areas. I hardly can’t think of any other movie musical piece that even comes close to it. I would rank it at 99 or 100 and the second place one, which ever ttpiece hat is , I would put in the 70s or upper 60s. Thats how much distance I think exists between the two musical themes. In any case it is simply grogeous and captures the French spirit in its joyousness, even if such spirit is set against the background of the horrors of War, and Hitler. It would be interesting to get some highly talented and knowledgeable musical critics professors, conductors or composers especially from the classical music world to assess the different points and facets of Maurince Jarre’ Is “Paris Burning”. ANd how really good this overlooked piece is.

    • Harry Horton says:

      Some additional information on the above movies and their musical themes, in the previous Harry Horton post. The you tube selection: “Is paris Burning? Paris brule -t-il? (1966) THeme – you tube. April 12, 2008 ostmusicmix. (2) gaynes ballet was not written specifically for Arthur Clarke’s movie 2001, thus is not really a movie musical score, though its beautiful essence is clearly superior. It was composed by the Armenian composer Khachaturian. (3) Michel LEgrand “Cathy’s Theme” May 6th 2009 Daniele Balz (4) “Micahel Legrand ORchestra – Wuthering Heights” ifcopod Dec 8, 2012 . You tube. The above you tube selections relate the basic and highly creative substance of the above movie music themes.

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