Malcolm Speed will remain as chief executive of cricket's world governing body, the International Cricket Council (ICC), until at least July 2005.

ICC president Ehsan Mani said in a statement on Tuesday that he was extremely pleased to finalise the terms of the new agreement after Speed accepted a contract extension.

"Since taking over in July 2001, Malcolm has led the ICC through a period of rapid and fundamental change," said Mani.

"He has achieved this by working very effectively with the board and building the organisation into a body which is now achieving its stated purpose of leading international cricket."

The 55-year-old Speed, chief executive of the Australian Cricket Board from 1997 to 2001, said he was looking forward to the challenge of continuing to lead international cricket.

"The past two years have seen significant change in international cricket but there remains considerable work to be done," said Speed.

"With the mandate the executive board has given to the ICC to lead, promote, develop and optimise the finances of international cricket, it's a terrific time to be leading the sport," he said.