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Disney extends CEO Iger's tenure by 15 months to June 2016

CEO of The Walt Disney Company Bob Iger attends the Allen & Co Media Conference in Sun Valley, Idaho July 13, 2012. REUTERS/Jim Urquhart
CEO of The Walt Disney Company Bob Iger attends the Allen & Co Media Conference in Sun Valley, Idaho July 13, 2012. REUTERS/Jim Urquhart

LOS ANGELES (Reuters) - Walt Disney Co on Monday extended Bob Iger's tenure as its chief executive by 15 months, allowing him to remain both CEO and chairman through June 30, 2016.

Iger, 62, had planned to step down as CEO on April 1, 2015, and assume the single role as executive chairman through the end of his existing contract on June 30, 2016, the company said in a statement.

Since taking over as CEO in 2005, Iger has overseen acquisitions of film studios Pixar and Marvel, two hit makers for Disney, as well as last year's purchase of "Star Wars" creator Lucasfilm. The company also invested in theme parks and expanded the Disney brand into international markets.

Disney has delivered a total shareholder return of 193 percent during Iger's tenure, exceeding the 54 percent from the S&P 500, Orin Smith, Disney's independent lead director, said in a statement.

The terms of Iger's existing contract remain in place, Disney said.

Disney shares rose 1.2 percent to close at $63.93 on the New York Stock earlier on Monday before the news of Iger's extended CEO contract.

(Reporting by Ronald Grover and Lisa Richwine; Editing by Gary Hill, Bernard Orr)

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