Walt Disney Co. will extend the contract of CEO Robert Iger until mid-2018-the announcement comes as the company's stock and revenue experiences significant boosts.
Iger was expected to retire in 2016.
Under Iger's nine-year leadership, Walt Disney Co.'s stock more than quadrupled, according to the Wall Street Journal. Most of this is attributed to his acquisition of Pixar Animation Studios, Marvel Entertainment and Lucasfilm.
The newspaper also reports that Iger will maintain his regular annual salary but is eligible for a "performance-based retention bonus." His annual salary is estimated at $34 million.
"I don't usually like to talk publicly about C.E.O.s, making them feel good about themselves, but he has simply been doing an amazing job," said Michael Nathanson, a senior media analyst at MoffettNathanson, according to the New York Times.
"He has a China strategy. He is honest about businesses that are not doing well. He's investing for future growth at a time when a lot of C.E.O.s are just buying back stock."
Robert Iger's career is said to have apexed with the release of Walt Disney Co.'s "Frozen" film.
