Disney Sticking With CEO Bob Iger Until At Least July 2019

Walt Disney Co DIS CEO Bob Iger was expected to step down as the company's leader when his contract expires in 2018. Instead, the executive will stay on board through July 2, 2019.

"Given Bob Iger's outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney's future, it is obvious that the Company and its shareholders will be best served by his continued leadership as the Board conducts the robust process of identifying a successor and ensuring a smooth transition," said Orin C. Smith, Independent Lead Director of the Disney Board.

No Suitable Replacement

According to CNBC's initial commentary, the extension of Iger's contract shouldn't be a surprise and may be attributed to no obvious choice for a successor to take over and continue performing at the higher level investors have gotten used to under Iger's leadership.

Iger also hinted over the past year that he would like to continue leading the company and overseeing large scale projects, including the theme park in Shanghai, China and new digital initiatives with ESPN.

Nearly 450% Return

During Iger's 11-year stint as CEO, shares of Disney returned 448 percent, notably above the S&P 500's return of 144 percent. The company's market capitalization has also soared from $46 billion to $177 billion.

• 1974: Iger began his career at the American Broadcasting Company.
• 1994: President and COO of ABC's corporate parent, Capital Cities/ABC.
• 1996-1999: Following Disney's acquisition of ABC, Iger remained President.
• 1999: Iger named as President of Walt Disney International.
• 2000: Iger named President and COO of Disney.
• March 13, 2005: Iger named as CEO of Disney. (shares closed at $28.02 following announcement)
• October 2, 2014: Iger accepts an extension of his contract through June 30, 2018 (shares closed at $86.79 following announcement)
• March 23, 2017: Iger accepts a second extension of his contract through July 2, 2019 (shares trading at $112.66 following announcement)

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