Cannes President Gilles Jacob and Director-General Thierry Fremaux have earned new contracts that will keep them in their posts through 2014.
The festival's board of directors voted to approve the new tenures on Tuesday, as well as to give Fremaux more power, according to several reports.
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Fremaux has served as the festival's director-general since 2007. He was appointed artistic director in 2001.
Fremaux's new contract gives him more executive power over Cannes' budget, development and staffing.
"I will have total freedom to act," Fremaux told French media. "It is the start of a new governance at the head of Cannes to guarantee the festival's future."
Jacob, 81, has been with the festival for more than 30 years. He became president in 2000.
"We will continue to combine my experience with [Fremaux's] youth and dynamism," Fremaux told French media. "What people see is the pair of us standing on the festival steps in tuxedos, welcoming the stars — but the truth is we are the workers shovelling coal below deck while everyone parties up above."
The 2012 Festival de Cannes runs May 16 to 27.