Disney announced on Wednesday that the board has decided to extend Bob Iger’s contract as chief executive officer until December 2026. The board unanimously lauded Iger’s “successful leadership record and ongoing strategic transformation of the company,” leading to the renewal of his role.

Following the news, Disney stock saw a 0.6% increase during the extended session on Wednesday.

This contract extension not only ensures a continued period of stable leadership but also allows for more time to implement a CEO succession plan, according to Disney.

Having previously served as CEO and chairman from 2005 to 2020, and later as executive chairman and board chairman until 2021, Iger rejoined Disney in November. Originally, his tenure as CEO was supposed to last for two years.

Iger took over from Bob Chapek as Disney CEO, who left amidst criticism due to certain unpopular decisions, such as the choice to simultaneously stream new movies on Disney+ while they were still in theaters.

While the S&P 500 index has experienced a growth of approximately 16% this year, Disney’s shares have seen a 3.8% increase.

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