Disney extends CEO Robert Iger's contract through June 30, 2018

Features Associated Press

The Walt Disney Co. says it has extended Robert Iger's contract as chairman and CEO by two years through June 30, 2018.

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In a statement issued Thursday, board member Orin Smith called Iger "the architect of Disney's success."

The 63-year-old Iger was named as the company's CEO in 2005. Disney acquired Pixar, Marvel and Lucasfilm during his tenure, expanding its status as an entertainment and media empire. Disney also owns ABC and ESPN.

Disney's market capitalization grew from $48.4 billion in 2005 to $150 billion since Iger became CEO.

Disney says Iger's compensation will remain the same and he will be able to earn a performance-based retention bonus if the company meets certain financial goals.

Disney shares slipped 48 cents to $87.01 in afternoon trading. Its shares have risen 34 percent over the past year.