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Disney board extends Iger's CEO and chairman post

[July 02, 2013]  BURBANK, Calif. (AP) -- The Walt Disney Co.'s board wants Chairman and CEO Robert A. Iger to stick around a bit longer.

The media conglomerate said Monday that the board extended Iger's tenure through June 30, 2016, when his contract is due to expire.

Disney noted that the terms of Iger's contract were not changed.

Prior arrangements had Iger, 62, remaining CEO until April 1, 2015, and then as executive chairman for another 15 months to help in the transition to Disney's next CEO.

The move delays that succession and gives more time for Iger to oversee the integration of "Star Wars" creator Lucasfilm, which Disney acquired last year for $4.06 billion.

Iger has been CEO since September 2005, leading Disney through a major business expansion.

In addition to the acquisition of Lucasfilm, Iger's tenure has included the acquisition of the Marvel and Pixar movie studios, the expansion of the Disney Channel overseas and the launch of theme park additions.

In May the company reported a 32 percent jump in net income for the January-March quarter, aided by revenue gains at Disney's parks and movie studio.

Disney shares rose 78 cents to close at $63.93. The stock is up 28 percent this year.

[Associated Press]

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