Disney CEO Iger to Step Down in 2015

New deal also makes Iger chairman of company

The Mouse will be getting a new chairman—and, come 2015, a new CEO.

On Friday, the board of directors of the Walt Disney Company announced a new deal with CEO Robert Iger, which extends his contract through June 2016 and will make him chairman of the company come March. But Disney has also announced an end date for Iger's tenure as CEO; he'll be stepping down in March 2015 for a successor to be named then. He'll serve as executive chairman for a little more than a year after that. This new agreement sets Iger’s annual base salary at $2.5 million in addition to his annual bonus awards.

Iger, 60, has been CEO of Disney since 2005. 

Iger will be succeeding John Pepper as the company’s chairman. Pepper, who has led Disney’s board since 2007, will retire from the position at Disney’s annual meeting this March. Pepper led the Disney board through the acquisitions of both Pixar and Marvel, two of its most lucrative deals in recent years.