(Bloomberg) — Walt Disney Co. named Nike Inc. veteran Mark Parker as its new chairman, replacing Susan Arnold, who will stand down after the company’s next annual meeting.
(Bloomberg) — Walt Disney Co. named Nike Inc. veteran Mark Parker as its new chairman, replacing Susan Arnold, who will stand down after the company’s next annual meeting.
The company has also rejected a proposal from Trian Partners LP to name Nelson Peltz to the board. Disney said it still “remains open to constructive engagement and ideas that help drive shareholder value,” in a statement Wednesday.
Arnold, the first woman to serve as chairman of the entertainment giant, led the company during a turbulent period, which included its response to the Covid-19 pandemic. The former Procter & Gamble Co. executive has been a director since 2007 and was named chair after Disney’s longtime Chief Executive Officer Bob Iger retired in December 2021.
Last year Disney’s board renewed the contract of Chief Executive Officer Bob Chapek, even after a number of high-profile missteps including a public spat with the governor of Florida. Just five months later, the board fired Chapek and brought Iger back, which many saw as a sign of poor succession planning.
Disney’s shares tumbled last year amid growing Wall Street disenchantment with the high cost of building out the streaming TV business. Peltz, a long time activist investor, built his position before pressing for a board seat.
(Updates with backround on Arnold in third paragraph.)
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