BREAKING NEWS: Mark Parker Named Chairman of The Walt Disney Company
We are just getting word that The Walt Disney Company has named Mark Parker (executive chairman of Nike) as the New Chairman of the Board. Park will be taking over for Susan Arnold whose 15 year term limited comes to an end.
Susan Arnold had this to say regarding her successor, “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.” She Continues, “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.”
Mr. Parker is a 7 year member of the Disney Board. He will also chair a newly created Succession Planning Committee of the Board which was created to devise a succession plan for Bob Iger’s replacement. This will include a review of internal and external candidates. Mr. Parker served as NIKE’s Chairman and CEO until 2020 when he became executive chairman.
Bob Iger had this to say about Parker’s appointment, “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.” Iger continued, “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.”
#BREAKING: @Disney says Board Chair Susan Arnold won’t stand for re-election after her 15-yr term expires
— It’s elected independent director Mark Parker, a longtime Nike exec, as Chairman of the Board
— Under Arnold, the Board extended former CEO Bob Chapek contract by 3 yrs
— Sara Fischer (@sarafischer) January 11, 2023
“I am honored 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,” said Parker. “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.”
If you’ve been following along with MickeyBlog you’ll know that back in November we got the surprise news that after a tumultuous year as CEO Bob Chapek was out and that Bob Iger was coming out of retirement to resume the role. However, Iger has made it clear that his time at the company is temporary until a new successor is found. The creation of the board’s new planning committee seems to reflect this.
The story is developing and we will continue to follow along closely so keep checking back with us for further updates.
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