The Walt Disney Company Board of Directors Extends Robert A. Iger’s Contract as Chairman and CEO Through June 30, 2018
October 02 2014 - 1:00PM
Business Wire
The Walt Disney Company (NYSE:DIS) Board of Directors announced
today that it has extended Robert A. Iger’s contract as Chairman
and Chief Executive Officer through June 30, 2018.
“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.
“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. 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.
Mr. Smith continued: “Mr. Iger’s vision and strategy for the
company led to the successful acquisitions of Pixar, Marvel and
Lucasfilm, the resurgence of Disney animation, and the dramatic
expansion of its parks and resorts around the world, positioning
the company for continued long-term growth. 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. I am pleased to report that Mr. Iger
has accepted. Disney has an incredibly strong senior management
team, and the Board is confident in the leadership talent available
for succession planning.”
“I’ve had the privilege of being the CEO of this great company
for nine years and am thrilled to have the opportunity to continue
through June 2018,” Mr. Iger said. “I’m very excited about what
lies ahead, including the release of our Star Wars films and the
launch of Shanghai Disneyland, and I’m honored to continue working
with our talented management team and the 175,000 dedicated people
who make this company what it is today.”
The extension of Mr. Iger’s contract through June 30, 2018
maintains the same annual compensation terms as his existing
contract. In addition, Mr. Iger 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.
Details will be filed tomorrow in a Report on Form 8-K.
Since Mr. Iger, 63, became CEO, The Walt Disney Company has
repeatedly been recognized as one of the “Most Reputable Companies”
in both America and the world by Forbes magazine (2006-2014); one
of “America’s Most Admired Companies” by Fortune magazine
(2009-2014); one of the “World’s Most Respected Companies” by
Barron’s (2009-2014); and as “Company of the Year” by Yahoo Finance
(2013).
Forward Looking Statements:
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are made
on the basis of our views and assumptions regarding future events
and business performance as of the time the statements are made.
Management does not undertake any obligation to update these
statements. Actual events may differ materially from those
expressed or implied. Such differences may result from actions
taken by the Company, as well as from developments beyond the
Company's control, including international, political, health
concern and military developments and changes in domestic and
global economic conditions that may affect our businesses
generally. Additional factors are set forth in the Company's Annual
Report on Form 10-K for the year ended September 28, 2013 under
Item 1A "Risk Factors," and subsequent reports.
The Walt Disney CompanyZenia MuchaCorporate Communications(818)
560-5300zenia.mucha@disney.comorLowell SingerInvestor
Relations(818) 560-6601lowell.singer@disney.com
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