Amid concerns that The Walt Disney Co. may need extra time to find a suitable replacement, CEO Robert Iger has signed an extension that will keep him on the job until July 2019.
The New York Times notes that the extension pushes back Iger’s retirement — which had already been pushed back previously — by another year.
The move reflects “a continuing streak of success at the world’s largest entertainment company but also the lack of a clear successor,” The Times notes.
In a statement, Orin C. Smith, Disney’s lead independent director, said: “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.” Smith noted Iger’s “record of success in a changing media landscape, and his clear strategic vision for Disney’s future.”
The Times adds: “Under the contract extension, Mr. Iger’s compensation will be determined on the same basis as before, according to a securities filing. But the new deal provides for a $5 million bonus if he completes the term. He will also remain close to the company after stepping down: The extension calls for him to serve as a consultant for three additional years, with pay of $2 million for each of the first two and $1 million for the third.”
Iger is 66.