Forbes reports that The Walt Disney Company has announced its succession plan, which includes CEO Robert Iger stepping down in 2015. In the meantime, Iger will take on the chairman role upon the retirement of John Pepper. Iger will take the title of executive chairman on March 31, 2015 and leading up till then will help find his replacement.

Iger's new contract lasts until June 30, 2016. He earns $2.5 million per year, a yearly bonus based on Disney’s operating income, "return on invested capital, earnings per share and after-tax free cash flow."