Disney BoD signs CEO Iger to 5-year contract

MUMBAI: In recognition of the company’s strong performance under the leadership of president and CEO Robert A. Iger, The Walt Disney Company Board of Directors announced that it had signed him to a new five year contract, Iger’s previous contract would have expired on 30September, 2010. The new contract will end on 31 January, 2013. 

“Bob is a talented and visionary leader, under whom Disney has posted increases in growth and profitability that have consistently exceeded expectations,” said The Walt Disney Company Board of Directors chairman John E. Pepper Jr. “We are confident he will continue to lead this extraordinary company and talented management team to new levels of creative and business success.”

Iger became Disney’s chief executive on 30 September, 2005. In the two fiscal years since he assumed his role, the company has posted record revenues, net income and earnings per share. In fiscal 2007, the company’s revenue rose five percent to $35.3 billion. Net income per share for the year excluding certain items was up 24% to $1.92. 

Iger in 2006 oversaw the acquisition of Pixar Animation Studios as part of his strategy of strengthening Disney’s position as the worldwide leader in family entertainment. 

Disney has also been widely recognized as an industry pioneer in the groundbreaking use of new technologies as the first major company to make its content available on iTunes, as well as through its own websites and mobile platforms. 

Under Iger, Disney has announced expansion of its highly successful parks and resorts businesses such as cruise ships and vacation clubs, as well as the acquisition of Club Penguin, one of the fastest-growing online virtual worlds for kids. It has created global franchises like High School Musical, Hannah Montana and Cars, driving revenue across multiple Disney businesses. Disney has also increased its presence in international markets, particularly in fast-growing countries like China, India and Russia. 

The Board of Directors also approved a new five year contract for Senior Executive Vice President and Chief Financial Officer Thomas O. Staggs to 1 April, 2013. 

“Tom is an outstanding executive whose advice and counsel I value greatly. He has done a great job of strengthening Disney’s balance sheet, its cash flow and overall financial management, helping us to deliver shareholder value,” said Iger.