The Walt Disney Company has extended Robert Iger’s contract as chairman and chief executive officer to July 2, 2019.

“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 Smith, independent lead director of the Disney board.

Smith continued: “Mr Iger has led The Walt Disney Company to unprecedented success during his 11 years as CEO, driving Disney to new creative heights, expanding the company’s global reach, fostering technological innovation, and delivering year-after-year of record financial results.

“During his tenure, Mr Iger has created enormous value for shareholders, with total shareholder return of 448 per cent, compared to 144 per cent for the S&P 500, and a dramatic increase in the company’s market capitalisation to $177bn from $46bn.”

Since Iger, 66, became CEO, The Walt Disney Company has been recognised as one of the ‘Most Reputable Companies’ in both the US and the world by Forbes magazine (2006-2017); one of ‘America’s Most Admired Companies’ by Fortune magazine (2009-2017); and one of the ‘Best Places to Launch a Career’ by BusinessWeek magazine (2006-2010).

“Leading this great company is a tremendous privilege, and I am honoured to have been asked to continue serving as CEO through July 2, 2019,” 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.”