Walt Disney Co. Chief Executive Officer Robert Iger will add chairman of the board to his responsibilities, the Burbank, Calif., company said.
Iger, 60, will become board director in March and stay in that role until June 2016, when he is to retire, The Wall Street Journal reported Friday. He will step aside from his CEO role in 2015.
Disney said a successor hasn't been chosen.
John Pepper, Disney's current chairman, will step down during the company's annual meeting in March.
Under the new contract, Iger will receive a base salary of $2.5 million, the Journal said. During the years he is both CEO and board director, the target bonus will be $12 million, contingent on the company's performance and share price. Once he is only board chairman, the bonus will be $6 million and his base salary will remain at $2.5 million.