Kennedy Center Chairman Stephen Schwarzman made the announcement at a luncheon yesterday in Washington. "Michael is, unquestionably, one of the top arts managers in the world," Schwarzman said in a statement.
Kaiser came to the center in 2001, after engineering financial turnarounds at the Royal Opera House in London and New York's Alvin Ailey Dance Theater. His current contract was set to expire in 2006.
In his three years at the Kennedy Center, Kaiser has launched festivals dedicated to the works of Stephen Sondheim, Tchaikovsky, and Tennesse Williams. He has increased the center's budget to $134.9 million and overseen renovations to the Opera House, home to Washington National Opera. The center has posted operating surpluses each year of his tenure.
"I am so grateful to have the opportunity to continue the work we embarked on in 2001," Kaiser said in a statement. "The last four years have been the most enjoyable and rewarding of my life."