Disney CEO Iger renewed through March 2015

October 7, 2011 By RYAN NAKASHIMA , AP Business Writer
This June 12, 2011 photo shows Robert Iger arriving at The 22nd Annual A Time for Heroes Celebrity Carnival Sponsored by Disney at Wadsworth Theater in Los Angeles. Iger will remain in his job through March 2015 and then serve as executive chairman for another 15 months to help break in a new chief executive, according to an announcement Friday Oct. 7, 2011. (AP Photo/Katy Winn)

(AP) -- Disney CEO Robert Iger will remain in his job through March 2015 and then serve as executive chairman for another 15 months to help break in a new chief executive, the company said Friday.

The definite end to what will be a decade-long tenure suggests the eventual promotion of one of his two closest lieutenants, either Jay Rasulo, the chief financial officer, or Tom Staggs, chairman of the parks division. The two veteran executives swapped jobs in late 2009 in a move that groomed both to take over one day.

Iger, 60, took the reins of The . in September 2005 after the tumultuous ouster of Michael Eisner following a shareholder revolt led by Roy Disney, the late nephew of the company's founder.

A former weatherman who rose through the ranks of ABC, Iger has orchestrated some of the company's biggest acquisitions, including the $7.4 billion purchase of animated movie studio Pixar in 2006 and the $4.2 billion acquisition of comic book giant Marvel in 2009.

Iger entered the Disney executive track when the house of Mickey Mouse bought Capital Cities/ABC for $19 billion in 1995, which also brought with it pay TV juggernaut .

One of Iger's first moves as chief executive was to right relations with , the just-deceased Apple Inc. co-founder. Jobs worked with Iger to bring ABC shows to iTunes and ended up being Disney's largest shareholder and go-to adviser through its purchase of Pixar. On Wednesday, Iger called Jobs "a great friend."

Iger will also become chairman of Disney after John Pepper retires at the 2012 shareholder meeting in March.

Iger's contract had been set to expire in January 2013.

"The board is delighted that the company has been able to secure the longer-term continuation of Bob's unique blend of experience and leadership skills," Pepper said in a statement. "His ability to bring together the many parts of Disney's business against a clear and proven strategy, while instilling a culture of innovation, collaboration and discipline, will continue to serve the long-term interests of shareholders."

In 2010, Iger was awarded a pay package valued at $28 million, up 30 percent from a year earlier.

He received no upfront signing bonus for his new contract.

But a securities filing said he will receive an annual salary of $2.5 million, up from $2 million, and an incentive bonus target of $12 million per year through fiscal 2015, up from the target of $10 million earlier. Disney's fiscal year ends in late September or early October.

His annual stock grants bonus target was also set higher, at $15.5 million through fiscal 2015, up from $9 million.

Explore further: Disney joins NBC and News Corp. with Hulu stake

0 shares

Related Stories

Disney joins NBC and News Corp. with Hulu stake

April 30, 2009

(AP) -- The Walt Disney Co. is taking a stake in Hulu.com. This means titles from The Walt Disney Studios library of films and full-length episodes of ABC television shows will join the online video site.

Facebook COO nominated to Disney board

December 23, 2009

The Walt Disney Co. said Wednesday that Sheryl Sandberg, chief operating officer of Facebook, has been nominated to serve on the board of directors of the US media and entertainment giant.

Disney CEO seduced by iPad

February 10, 2010

Walt Disney Co. president and chief executive Robert Iger said Tuesday that Apple's new iPad tablet computer may prove to be a "game changer" for the entertainment and media industry.

Disney CEO defends use of 3-D in movies

June 2, 2011

(AP) -- Disney CEO Bob Iger defended the company's production of 3-D films Thursday after 3-D ticket sales for several recent movies lagged their predecessors.

Hulu sees 1M paying subscribers by end of summer

July 7, 2011

(AP) -- Online video service Hulu expects to have more than a million paying subscribers by the end of summer, several months earlier than forecast, its chief executive said in a blog post Wednesday.

Recommended for you

Interactive tool lifts veil on the cost of nuclear energy

August 24, 2015

Despite the ever-changing landscape of energy economics, subject to the influence of new technologies and geopolitics, a new tool promises to root discussions about the cost of nuclear energy in hard evidence rather than ...

Smart home heating and cooling

August 28, 2015

Smart temperature-control devices—such as thermostats that learn and adjust to pre-programmed temperatures—are poised to increase comfort and save energy in homes.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.