After a 10-year run, the current CEO of Disney, Robert Iger will step down as CEO slipping into a chairman role, reports The Wall Street Journal.
Mr. Iger's current contract was to expire in January 2013. Under the new contract, he is to receive an annual base salary of $2.5 million. The target bonus is set at $12 million during the years he has both titles, contingent on the company's operating performance and share price. Once he is executive chairman, his salary is to remain the same, while his bonus target is to be $6 million.
Mr. Iger was named Disney's CEO in 2005, following a bruising battle between his predecessor, Michael Eisner, and a board faction led by Roy E. Disney, a nephew of Walt Disney.
Under Iger's reign Disney acquired both Pixar and Marvel Entertainment. While Roy Disney was skeptical of Iger at first, he softened with Iger's smart Pixar get. "Animation has always been the heart and soul of the Walt Disney Company and it is wonderful to see Bob Iger and the company embrace that heritage by bringing the outstanding animation talent of the Pixar team back into the fold. This clearly solidifies the Walt Disney Company's position as the dominant leader in motion picture animation and we applaud and support Bob Iger's vision," he said in statement reported Business Insider.