The Walt Disney Company’s Chairman of the Board, Susan Arnold, is being replaced by Nike’s executive chairman, Mark Parker. Arnold’s 15-year term limit will end after the company’s next annual shareholder’s meeting, reducing the board to eleven members. While a date has not been set for this meeting, Disney’s next earnings call is scheduled for 4:30 p.m. eastern on Wednesday, February 8, 2023.
Parker has been a member of Disney’s board for seven years. According to Disney, “Mr. Parker will also chair a newly created Succession Planning Committee of the Board, which will advise the Board on CEO succession planning, including review of internal and external candidates. Mr. Parker served as NIKE’s Chairman and CEO until 2020, when he became Executive Chairman.”
CEO Bob Iger’s current contract ends on December 31, 2024.
During his four decades at Nike, Mark has led one of the world’s most recognized consumer brands through various market evolutions and a successful CEO transition, and he is uniquely positioned to chair the Disney Board during this period of transformation.Susan Arnold, Chairman of the Board, The Walt Disney Company
Disney has also expressed its opposition to activist investor Nelson Peltz’s attempt to join the board. According to an article on CNBC, “Peltz’s Trian Fund Management took an approximately $800 million stake in the company and began seeking a board seat. Trian reportedly wants to make operational improvements and reduce costs, and it has expressed its opposition to Bob Iger’s reappointment as Disney’s CEO.” Peltz is reportedly going to file a response later on Wednesday.
While senior leadership of The Walt Disney Company and its Board of Directors have engaged with Mr. Peltz numerous times over the last few months, the Board does not endorse the Trian Group nominee, and recommends that shareholders not support its nominee, and instead vote for all the company’s nominees.Disney
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