The Walt Disney Company Board of Directors has announced that Mark G. Parker, an independent director, was elected Chairman of its Board.

This appointment will take effect following the Annual Meeting of Shareholders. Seven-year Disney Board member and Executive Chairman of NIKE, Inc., Mr. Parker will succeed Susan E. Arnold, whose term limits of 15 years under Disney’s Board Tenure Policy will prevent her from standing for re-election. Accordingly, the Board will now have 11 members.

“Mark Parker is a respected leader who has over seven years helped Disney successfully navigate through a period of unprecedented change,” Ms. Arnold explained. “Mark Parker has been a leading light in many market evolutions, a successful CEO transition, and he’s uniquely positioned to lead the Disney Board during this period.

“Mark Parker has been an invaluable leader for Disney. I am looking forward to working alongside him and our other directors as we chart the future course of this incredible company,” stated Robert A. Iger Chief Executive Officer, The Walt Disney Company. “On behalf my fellow Board members as well as the entire Disney management team, we also want to thank Susan for her exceptional leadership as Chairman as well as her tireless work over 15 years as an exemplary Disney brand steward.

Mr. Parker said: “It is an honor to serve as Disney Chairman. I look forward working closely with Bob, his management team, on a strategy that balances profitability with investment, while keeping Disney’s core mission to creative excellence and deliver shareholder value. The Board and I have already started the process of identifying and preparing a successful CEO successor.

He will also be chairing a new Succession Planning Committee of Board. This committee will advise the Board about succession planning and review of candidates. Mr. Parker was NIKE’s Chairman and CEO from 2010 to 2020. He then became Executive Chairman.

The Walt Disney Company Board has been evolving to ensure that it has the right mix of backgrounds, skills sets and perspectives to help guide the Company into its future. Today’s Disney directors have experience in a variety of areas, including brand, marketing, retail and direct-to-consumer expertise. They also have expertise in technology and innovation.

Image: Walt Disney