After much speculation surrounding his future with the company, Bob Iger will extend his tenure as Disney chief executive until July 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 C. Smith, independent lead director of the Disney Board.

“Bob has driven 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, he 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 US$177bn (€164bn, £141bn) from US$46bn (€43bn, £37bn).”

Iger, who was set to leave the company in 15 months time, was initially thought to be being replaced by COO Tom Staggs, but the 25-year Disney veteran’s departure in April 2016 changed that, leaving Iger with no clear successor.

There had been speculation then that Staggs’ departure would lead to Iger staying on. At the time, the Disney board said it would identify a “robust slate of candidates for consideration”.

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