The Walt Disney Company has named Mark Parker, a seven-year member of the Disney board and the executive chairman of Nike, as its new chairman.
Parker succeeds Susan Arnold, who became the first woman to serve as Disney’s chairman in the company’s history in December 2021. Arnold replaced Bob Iger when he stepped down from the role.
The new chairman said he looks forward to “working closely with Bob and his management team on a strategy of growth that balances investment with profitability, while preserving Disney’s core mission of creative excellence, to deliver shareholder value”.
“At the same time, it is the top priority of mine and the board’s to identify and prepare a successful CEO successor, and that process has already begun.”
Arnold said Parker is “an incredibly well-respected leader who over seven years as a Disney director has helped the company effectively navigate through a time of unprecedented change”.
“Mark Parker’s vision, incredible depth of experience and wise counsel have been invaluable to Disney, and I look forward to continuing working with him in his new role, along with our other directors, as we chart the future course for this amazing company,” added Iger.
At the same time, Disney said it opposes activist investor Nelson Peltz‘s attempt to join its board after the company declined to nominate him as a director, with both sides preparing for a proxy fight.
Disney prepares for proxy battle
Disney said that while it has engaged with Peltz “numerous times over the last few months”, the board “does not endorse the Trian Group nominee”.
Iger returned as Disney’s CEO in November, with Bob Chapek stepping down after 33 months in the role. Iger will work with Parker and the board to find his successor.
Meanwhile, Disney is revising some of the most unpopular policies at its US theme parks. The move comes after a series of price hikes that were made during Chapek’s tenure.
Images: Disney
