The Walt Disney Company Extends Bob Iger's Contract Through 2018

The Walt Disney Company's (NYSE: DIS) Board of Directors announced on Thursday that it has extended Robert (Bob) Iger's contract as both Chairman and CEO through June 30, 2018.

Under Iger's tenure, Disney's market cap has more than tripled versus a 92 percent increase in the S&P 500.

In a press release, Disney's Board of Directors stated that "Iger's vision and strategy for the company led to the successful acquisitions of Pixar, Marvel and Lucasfilm, the resurgence of Disney animation, and the dramatic expansion of its parks and resorts around the world, positioning the company for continued long-term growth. Given Mr. Iger's outstanding record to date, it is obvious that shareholders and the company will be best served by his continued leadership."

Iger, 63, has accepted the contract extension.

$DIS update: Sources tell me Iger will name a COO in 2015- which we can assume will be part of his succession plan.

— Julia Boorstin (@JBoorstin) October 2, 2014