Disney (NYSE:DIS) has secured the services of its CEO for another 15 months. The company announced that it has extended the tenure of Robert Iger as its chief executive and board chairman through June 30, 2016. He had originally planned to step down from the former position on April 1 of the preceding year to serve purely as chairman.
The terms of Iger's contract remain the same, as does his compensation package. His total compensation amounted to just more than $40 million in 2012.
In the press release announcing the news, Disney said that, looking past Iger's tenure, "the board remains focused on effective succession planning, and will continue to develop a sound and appropriate process for ensuring a smooth management transition."
Iger has been CEO of the entertainment giant since 2005, and was elected its chairman in 2012.
Fool contributor Eric Volkman has no position in Disney. The Motley Fool recommends and owns shares of Disney. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.