Bob Iger, Disney chairman and CEO, has prolonged his contract as the company’s chief executive through July 2, 2019 while Disney continues its long search for his successor, according to Variety.

Iger has held the chief executive job at Disney since succeeding Michael Eisner in early 2005. The renewed pact also calls for Iger to serve as consultant to Disney for three years following his exit as CEO.

“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, lead independent director of Disney’s board, Variety reports.

The chairman-CEO expressed his desire to extend his tenure at Disney in February during Disney’s quarterly earnings call when urged by Wall Street analysts.

The search for a successor has now taken more than two years for Disney. A few years ago, Iger had laid out his plan to step down as CEO in 2016, but in 2014 his term was extended by another two years, through June 2018.

“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,” Iger said in a statement. “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.”

Along with Iger’s regular salary, he is expected to receive an additional $5 million in 2019 as a bonus for hanging around another year, according to a Securities and Exchange Commission filing Thursday. When he shifts to consultant mode, he’ll earn $500,000 a quarter for the first two years, and $250,000 per quarter for his third year, per the filing.

Former top executives Tom Staggs and Jay Rasulo had both been in the running for Iger’s job. Staggs earned an edge in early 2015 when he was promoted to chief operating officer, making him Iger’s apprentice. However, Staggs left after just one year when it became apparent that the Disney board was not prepared to promote him to CEO. Rasulo, the former CFO and parks division head, left the company after being passed over for the COO promotion, the magazine reports.

READ MORE: Variety


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