The Walt Disney Co. Board of Directors announced today that it had signed President and CEO Robert A. Iger to a new five-year contract. Igers previous contract would have expired on Sept. 30, 2010. The new contract will end on Jan. 31, 2013.
Iger became Disneys chief executive on Sept. 30, 2005. In the two fiscal years since he assumed his role, the company has posted record revenues, net income and earnings per share. In fiscal 2007, the companys revenue rose five percent to $35.3 billion. Net income per share for the year excluding certain items was up 24% to $1.92.
Iger in 2006 oversaw the acquisition of Pixar Animation Studios as part of his strategy of strengthening Disneys position as the worldwide leader in family entertainment. Disney has also been widely recognized as an industry pioneer in the groundbreaking use of new technologies as the first major company to make its content available on iTunes, as well as through its own websites and mobile platforms.
Under Iger, Disney saw expansion of its highly successful parks, and resorts businesses such as cruise ships and vacation clubs, as well as the acquisition of Club Penguin, one of the fastest-growing online virtual worlds for kids. It has created global franchises like HIGH SCHOOL MUSICAL, HANNAH MONTANA and CARS, driving revenue across multiple Disney businesses. Disney has also increased its presence in international markets, particularly in fast-growing countries like China, India and Russia.
The Board of Directors also approved a new five-year contract for Senior Exec VP and CFO Thomas O. Staggs to April 1, 2013.