The Walt Disney Co. announced on Friday that it has agreed to add a chairman title for Chief Executive Officer Rober Iger and will extend his contract until the end of June 2016.

Iger, 60, will remain as president and CEO until March 2012, when current chairman John Pepper Jr. retires from the board, and will then hold the dual titles of chairman and CEO through the end of March 2015, when a new CEO will be chosen, according to the company.

The company said this process was initiated to "secure the benefit of Iger's leadership through 2016, provide for an effective, seamless succession and management transition" once Pepper retires.

"I'm committed to increasing long-term value for shareholders," Iger said, adding that one of the company's priorities will be to create growth "in numerous and exciting international markets."

Iger has served as Disney's president and CEO since Sept. 30, 2005.

VietNamNet/Xinhuanet