Less than three full months into Bob Iger’s return as CEO of the Walt Disney Company, we have already begun to see several significant changes to Disney’s executive positions.
While several changes were made immediately following the ousting of former CEO Bob Chapek, including the exit of Kareem Daniel, former Chairman, Disney Media and Entertainment, Iger’s return to the top executive position has immediately characterized restructuring as one of his top priorities.
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In the most recent shakeup, the executive chairman of Nike, Mark Parker, has been named chairman of the board of the Walt Disney Company, replacing Susan Arnold. Arnold is nearing the end of her 15-year term limit in the position, which will officially conclude at Disney’s annual meeting of shareholders in March.
According to a quote from Disney obtained by theme park reporter Scott Gustin, one of Parker’s upcoming roles will include chairing 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.”
NEW: Disney has named Mark Parker, the executive chairman of Nike, its new chairman of the board –replacing Susan Arnold. pic.twitter.com/Ijm3NfRVi4
— Scott Gustin (@ScottGustin) January 11, 2023
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Along with naming Parker chairman of the board, Disney has also confirmed opposition to Nelson Peltz, the activist investor from Trian Partners whose firm nominated him to join the board.
The Hollywood Reporter obtained a statement from Disney on the Trian fund nominee, which reads:
The Walt Disney Company remains open to constructive engagement and ideas that help drive shareholder value. 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.
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Parker has been a member of Disney’s Board of Directors since 2016 and has worked for NIKE in several positions within product research, marketing, and brand management since 1979.
Bob Iger’s current contract only runs for two years, during which time he is expected to oversee additional restructuring within the company and find a suitable successor to take on the position beginning in late 2024. We will continue to monitor changes to Disney’s executive positions and other structural updates within the company, and will share more information as we have it here on Disney Tips.