Mr. Smith noted Mr. Iger’s “record of success in a changing media landscape, and his clear strategic vision for Disney’s future.”Under the contract extension, Mr. Iger’s compensation will be determined on the same basis as before, according to a securities filing. After insisting last year that he would stick to his retirement plans, Mr. Iger recently softened his position. The obvious internal candidate to succeed Mr. Iger, the well-regarded Thomas O. Staggs, abruptly left Disney last year after losing the unqualified support of Mr. Iger and some other board members. Mr. Iger, who is also a member of the Apple board, started his entertainment career at ABC in 1974. Disney has no mandatory retirement age for chief executives; the company’s mandatory retirement age for board members is 74.

Source: New York Times March 23, 2017 16:07 UTC