Walt Disney's Board of Directors Extends Robert Iger's Contract as Chairman/CEO Through June 2018

Company's Board of Directors announced the decision today.

Iger, 63, will have the opportunity to earn a performance-based retention bonus if certain financial performance goals are met over a five-year period ending with the 2018 fiscal year.

Iger's contract extension maintains the same annual compensation terms as his existing contract.

“Bob Iger is the architect of Disney’s current success, with a proven history of delivering record financial results for the company quarter after quarter and year after year,” Orin C. Smith, Independent Lead Director of the Disney Board, said in a statement. “Under his tenure, Disney has reached unprecedented creative and financial heights, driving the stock price to record levels and creating extraordinary value for shareholders. He has transformed Disney’s culture and empowered its businesses to effectively capitalize on evolving markets and new technologies, making Disney a company that doesn’t merely embrace change, but leads it."

Walt Disney is the parent company of ABC News.