The Walt Disney Company announced Monday that Robert Iger will stay on as CEO longer than originally planned.
Iger’s contract with Disney is set to expire in June of 2016, but the plan was for Iger to relinquish the CEO title in April of 2015 and serve as executive chairman while his successor settled in.
In a statement, Orrin Smith, the independent lead director of Disney’s board, said Iger will now remain CEO through the end of his contract.
"Now, Disney will continue to have the full benefit of Mr. Iger’s leadership as CEO and chairman for the duration of his tenure," Smith's statement says. "The board remains focused on effective succession planning, and will continue to develop a sound and appropriate process for ensuring a smooth management transition."
Robert Iger has served as CEO of the Walt Disney Company for nearly 8 years.
In addition to the acquisition of Lucasfilm, Iger's tenure has included the acquisition of the Marvel and Pixar movie studios, the expansion of the Disney Channel overseas and the launch of theme park additions.
In May the company reported a 32 percent jump in net income for the January-March quarter, aided by revenue gains at Disney's parks and movie studio.