Walt Disney Co. Chairman and Chief Executive Robert Iger has extended his contract by one year as the company’s board of directors continues to search for his replacement. The move, which had been widely expected, gives Disney’s board more time to search for a successor — a process that has been closely watched by investors who’ve expressed concern over the apparent lack of progress on the issue. Until February, Iger had been firm in saying he would leave Disney when his contract expired in 2018. Staggs’ departure, which came after Disney’s board privately expressed a lack of confidence in him, threw Disney’s carefully orchestrated succession plans into question. As part of the extension, Iger will remain as a consultant to Disney for three years after his CEO term ends.

Source: Los Angeles Times March 23, 2017 15:45 UTC