Rumors that Walt Disney CEO Bob Iger is retiring in 2018 have ended with the company's announcement that his contract will be extended, according to a report by The Economic Times. Iger will continue to lead Walt Disney until July 2, 2019.

Under the new contract, the Walt Disney CEO will receive a base salary of $2.5 million, the same one that he had been getting for the past few years of leading the company. On the plus side for Iger, the new contract comes with a $5 million signing bonus. Details of Iger's compensation were disclosed in a regulatory filing with the United States Securities and Exchange Commission.

At a Marshall and Annenberg event in Santa Monica, Iger revealed that he told his staff to stay away from any project that involves incorporating virtual reality headsets. The chief executive expressed that he does not think that virtual reality headsets can substitute for real rides.

Although he did not drop any names, the declaration that Walt Disney will not offer rides that rely on virtual reality headsets appears to be a dig on its competitors. The Los Angeles Times reported some of the company's competitors have actually launched attractions involving virtual reality headsets. Some of the theme park companies that did include Knott's Berry Farm, SeaWorld and Six Flags.

Instead of virtual reality headsets, Iger said he is considering how to incorporate augment reality to Walt Disney's theme parks. While augmented reality will still involve the use of headsets, the customers will not be totally cut off from the real world unlike virtual reality headsets that throw people wholly in the digital world.

One of the projects that appears to be in the works in Walt Disney's lab involves dueling with a stormtrooper and using a light saber. Jobs & Hire previously reported that Walt Disney recently offered a sneak peak of its planned Star Wars Land.