Bob Iger’s sequel at Walt Disney Co. just got renewed for a few more seasons.
Disney
DIS,
+0.74%
said late Wednesday that its board has extended the chief executive’s contract through December 2026, praising Iger’s “successful leadership record and ongoing strategic transformation of the company.”
Disney stock gained 0.6% in the extended session Wednesday after the news.
The board vote was unanimous and the extension not only provides a continuity of leadership but also more time for a CEO succession plan, Disney said.
Disney lost Chief Financial Officer Christine McCarthy last month, with Kevin Lansberry, executive vice president and CFO of Disney Parks, Experiences and Products, serving as interim CFO.
Related: Disney’s stock is slumping, but one analyst sees a silver lining
Iger returned to Disney in November after serving as CEO and chairman from 2005 to 2020, and then as executive chairman and board chairman through 2021. His return to the CEO role was meant to last two years.
As Disney CEO, Iger replaced Bob Chapek, who left under a cloud after unpopular decisions such as one to stream new movies on Disney+ the same day they hit theaters.
Shares of Disney have gained 3.8% so far this year, compared with an advance of around 16% for the S&P 500 index
SPX,
+0.74%.
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