Proactive Investors - The Walt Disney Company (NYSE:DIS) has extended the contract of returning chief executive officer Bob Iger for an extra two years, the media conglomerate confirmed on Thursday.
The experienced leader came out of retirement in 2022 to return to the struggling company after difficulties with the film and television side of the business weighed down performance.
The board said in a statement the decision was made to maintain "continuity of leadership during the company’s ongoing transformation."
Iger’s return in November 2022 came less than a year after leaving the company.
Prior to his reappearance, the media giant’s board pushed his successor, and now also his predecessor, Bob Chapek out of the top role.
"There is more to accomplish before this transformative work is complete,” Iger added in a statement.
Disney is in the process of interviewing both internal and external candidates for the CEO role.
One other issue facing Iger and Disney is the group’s streaming service, which is struggling to make money in what is a competitive and constantly growing market.
Terms of Iger’s contracts provide a chance for him to earn bonuses worth five times his base salary.
Disney’s top man was estimated to have been earning US$27mln per year when he was previously employed.