Disney CEO Iger's contract extended to 2016

Disney CEO and Chairman Robert Iger's contract has been extended to June 30, 2016.

Robert Iger

“For nearly eight years as chief executive officer, Bob Iger has proven he has the unique ability to drive creative and financial success at the world’s preeminent entertainment company,” Orin C. Smith, Independent Lead Director of the Disney Board, said in a news release.

The 62-year-old Iger was supposed to leave his post and move to the role of executive chairman on April 1, 2015 for 15 months. But the board asked Iger to extend his contract under his existing annual compensation terms as CEO, under which 92 percent of his pay was performance-based in fiscal 2012.

“I sincerely appreciate this vote of confidence by the Board of Directors," Iger said, "and will continue to work with our talented and dedicated management team to drive creative excellence, innovation and continued growth,"

Iger was named chief executive on Sept. 30, 2005. He let the company to record financial results and under his leadership the company purchased Pixar, Marvel and Lucasfilm and made major expansions at the parks including Cars Land in Disneyland and New Fantasyland in Disney World, as well as expand into international markets.