Bob Iger’s will remain as chairman and CEO of The Walt Disney Company until June 30, 2018.

“Bob Iger is the architect of Disney’s current success, with a proven history of delivering record financial results for the company quarter after quarter and year after year,” said Orin C Smith, independent lead director of the Disney board.

“Under his tenure, Disney has reached unprecedented creative and financial heights, driving the stock price to record levels and creating extraordinary value for shareholders. He has transformed Disney’s culture and empowered its businesses to effectively capitalise on evolving markets and new technologies, making Disney a company that doesn’t merely embrace change, but leads it.

“By setting a clear business strategy based on producing high-quality branded content, technological innovation and international expansion – and then over-delivering against that strategy – Mr Iger has repeatedly proven himself to be a highly effective leader able to create long-term shareholder value. 

“Since he became CEO in 2005, total shareholder return has increased to 311%, compared to just 92% for the S&P 500, and Disney’s market capitalisation has risen to $150bn from $48.4bn.”

Smith continued: “Mr Iger’s vision and strategy for the company led to the successful acquisitions of Pixar, Marvel and Lucasfilm, the resurgence of Disney animation, and the dramatic expansion of its parks and resorts around the world, positioning the company for continued long-term growth.  

 “I’ve had the privilege of being the CEO of this great company for nine years and am thrilled to have the opportunity to continue through June 2018,” said Iger, 63.

“I’m very excited about what lies ahead, including the release of our Star Wars films and the launch of Shanghai Disneyland, and I’m honoured to continue working with our talented management team and the 175,000 dedicated people who make this company what it is today.”