The Walt Disney Firm has picked Nike govt chairman Mark Parker to develop into the following chairman of its board, it introduced Wednesday.
Parker’s assumption of the function will come after the corporate’s annual shareholder assembly, in accordance with a press launch from Disney. That date has not been launched but.
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The present board chair, Susan Arnold, is topic to the board’s 15-year term-limit coverage. Along with her not standing for re-election, the board’s measurement will shrink to 11, Disney mentioned.
Parker, an impartial director, has been Nike’s govt chairman since 2020. Previous to that, he was the footwear and attire firm’s CEO for greater than a decade.
Moreover, he’ll lead the Disney board’s succession planning committee created to “advise the Board on CEO succession planning, together with assessment of inner and exterior candidates,” the corporate mentioned. The method of discovering Disney’s subsequent CEO, Parker mentioned within the launch, “has already begun.”
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CEO Bob Iger mentioned in a press release he “look[s] ahead to persevering with working with him [Parker] in his new function, together with our different administrators, as we chart the longer term course for this wonderful firm.” He additionally supplied his because of Arnold for her “excellent management” and “tireless work.”
Iger returned to Disney to develop into CEO for 2 years in November, having beforehand held the title from 2005 to 2020 and served as govt chairman by means of 2021. He took over the chief govt function from longtime firm exec Bob Chapek, who had helmed the corporate since February 2020, not lengthy earlier than the pandemic prompted lockdowns across the globe.
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The board mandated for Iger to “set the strategic path for renewed progress and to work carefully with the board in growing a successor to guide the corporate on the completion of his time period.”
Within the launch asserting Parker’s election, Disney additionally urged shareholders to not assist activist investor Nelson Peltz’s bid to develop into a director on the board and as a substitute vote for the incumbents it submitted for re-election.
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Peltz co-founded Trian Fund Administration L.P. The agency’s stake in Disney is lower than 5%, in accordance with Reuters.