Disney CEO Iger renewed through March 2015

October 7, 2011 - 3:00 PM

LOS ANGELES (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.

Iger, 60, took the reins of The Walt Disney Co. in September 2005 after the tumultuous ouster of Michael Eisner.

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

His 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.