The Alley Theatre announced that the power duo behind its success — artistic director Gregory Boyd and managing director Dean R. Gladden — have signed a new five-year agreement, effective through the 2015-16 fiscal year.

The theater company's board president Rob Reedy made the announcement at the annual board meeting Monday.

"Combined they have about 45 years of experience heading major resident theaters, making them two of the most experienced leaders of a resident theater company in the United States," Reedy said in a statement.

Boyd has been with the Alley since 1989; Gladden came onboard in 2006. Over the last five years, they are credited with erasing a $575,000 deficit, increasing Alley's revenue stream by 44 percent and donations by 76 percent, and creating an operating surplus of more than 1 million. In September 2010, the Alley finished its season in the black with a $300,000 surplus out of a $13.5 million budget.

The Alley Theatre is the only large arts organization in Houston that owns its own performance facilities and supports a resident company of actors.