NEW YORK ( TheStreet) -- Walt Disney ( DIS) CEO Robert Iger plans to step down from his post in 2015.

The media conglomerate extended Iger's contract until 2016 as part of the company's succession plan. The deal calls for Iger to remain CEO until March 2015, at which time a new leader will be named. Iger will then serve as executive chairman until June 2016.

Iger's current contract was set to expire in January 2013.

Shares of Disney, a Dow component, were down 25 cents to $31.78 in recent trades.

- Reported by Jeanine Poggi in New York.

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