“Given Bob Iger’s outstanding leadership, his record of success in a changing media landscape, and his clear strategic vision for Disney’s future, it is obvious that the Company and its shareholders will be best served by his continued leadership as the Board conducts the robust process of identifying a successor and ensuring a smooth transition,” said Orin C. Smith, Independent Lead Director of the Disney Board.

Iger was slated to leave the company in 2016, but in 2014 that was pushed back to 2018. The announcement now pushes the date back till 2019. Iger had signaled in recent months that he might be willing to stay on as CEO as the search for his successor continues. 

The Walt Disney Company had at one point two successors in the running for Igers job. Rasulo left the company after being passed up for the COO promotion which went to Staggs. Staggs left after only one year in the COO position after in became clear that the board was not prepared to promote him to CEO. 

“Leading this great company is a tremendous privilege, and I am honored to have been asked to continue serving as CEO through July 2, 2019,” Mr. Iger said. “Even with the incredible success the Company has achieved, I am confident that Disney’s best days are still ahead, and I look forward to continuing to build on our proven strategy for growth while working with the Board to identify a successor as CEO and ensure a successful transition.”

Iger will continue with the company after 2019 in the role of a consultant for three years. Compensation for the three years would be $2 million for each of the first two years and $1 million for the third.