Friday, March 24, 2017

Robert Iger Extends With Disney

As many expected, Robert Iger will stay on a while longer as Disney's CEO and Chairman.

The Walt Disney Company board said Thursday that it had extended Iger's contract to July 2, 2019.

USAToday reports the board cited Iger's "outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney’s future."

Iger, who is 66, had previously set a target departure date of 2018; his previous contract ran into mid-2018. But last April, one of the leading candidates to succeed Iger, Disney COO Thomas Staggs, stepped down.

Iger became Disney's President and Chief Operating Officer in 2000, and added the CEO title in 2005 after Michael Eisner departed. He became chairman in 2012.

During his tenure at Disney, the entertainment giant has expanded its holdings to include Pixar in 2006, the Marvel comics brand in 2009 and Lucasfilm and its Star Wars franchise in 2012.

Last year, Disney became the first studio to take in more than $7 billion in worldwide box office receipts, with hits such as Finding Dory, Captain America: Civil War, Doctor Strange, Rogue One: A Star Wars Story, Moana and The Jungle Book.

Iger said he'll work with the board to find the next CEO while "continuing to build on our proven strategy for growth." He will also serve as a consultant for three years after his departure.

  • Robert Iger would remain employed with company and serve as chairman and chief executive officer from June 30, 2018 to July 2, 2019
  • If Iger remains in employment until July 2, 2019, he will get cash bonus of $5 million in addition to award for fiscal 2019
  • Amendment provides that Iger’s annual compensation for extended employment period to be determined on same basis as fiscal 2016 - SEC filing
  • Says following termination of his employment at expiration date, Iger will serve as consultant for three years following expiration date
  • CEO Iger's annual salary remains unchanged
  • In consideration of consulting services, Iger will receive quarterly fee of $500,000 for each first 8 quarters during consulting period
  • In consideration of consulting services, Iger will receive quarterly fee of $250,000 for each of last four quarters of consulting period
  • Terms of equity grants made to Iger for fiscal 2019 to be on same terms & conditions as would have applied to grants made in fiscal 2018 

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