The Walt Disney Company board of directors has elected independent director Mark G. Parker as chairman of the board, effective following the annual meeting of shareholders.
Parker, a seven-year member of the Disney board and executive chairman of NIKE, Inc., will succeed Susan E. Arnold, who will not stand for re-election pursuant to the 15-year term limit under Disney’s board tenure policy. As a result, the size of the board will be reduced to 11 members.
Commenting on the development, Arnold said: “Mark 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.
“During his four decades at NIKE, Mark has led one of the world’s most recognised 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”.
Robert A. Iger, CEO, The Walt Disney Company, added: “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.
“On behalf of my fellow board members and the entire Disney management team, I also want to thank Susan for her superb leadership as chairman and for her tireless work over the past 15 years as an exemplary steward of the Disney brand”.
Parker said: “I am honoured to have the opportunity to serve as Disney’s chairman, and I look 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”.
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.
He served as NIKE’s chairman and CEO until 2020, when he became executive chairman.