Disney title Nike’s Mark Parker as board chairman

Walt Disney Co.’s board of administrators has elected former Nike Chief Govt Mark Parker to be its subsequent chairman, the corporate stated Wednesday.

The change will take impact after the corporate’s annual shareholder assembly. Parker, a Disney board director since 2016 and present govt chairman of Nike, will succeed Susan Arnold, a veteran enterprise chief who shouldn’t be standing for reelection as a result of Disney’s 15-year time period restrict for board members.

The date of the shareholder assembly has not been introduced.

Parker’s choice for the chairman place is the newest main management change for Disney, which in November introduced again Bob Iger as chief govt to interchange the ousted Bob Chapek. Earlier than the Chapek period, Iger had served because the Burbank leisure large’s CEO for 15 years.

With Arnold’s exit, the dimensions of the board might be diminished to 11 members.

The make-up of Disney’s board is essential as a result of the physique will decide the collection of Iger’s eventual successor. Iger’s new contract as CEO is ready to run out after two years.

Parker will chair a newly created succession planning committee inside the board, which can advise on planning for Iger’s alternative, “including review of internal and external candidates,” the corporate stated.

Parker served as Nike’s chairman and CEO till 2020.

Along with deciding on Parker to guide the board, Disney rejected the overtures of billionaire activist investor Nelson Peltz, whose agency Trian Companions nominated him for election as director on the shareholder assembly in opposition to the nominees really helpful by the board and introduced ahead a proposal to amend Disney’s bylaws.

Disney stated in an announcement that it has engaged with Peltz “numerous times over the last few months,” however doesn’t help his candidacy and as a substitute recommends that buyers vote for its picks.

Iger, during the last two months, has already began to make main strikes to reshape Disney.

Straight away, he assigned a job power to restructure the corporate and restore energy to the corporate’s artistic leaders. On Monday, he ordered staff to return to working within the workplace 4 days per week, Monday by means of Thursday, a comparatively inflexible return-to-office plan for the media business.

The corporate on Tuesday revised insurance policies associated to annual passes, lodge parking and ticketing for its parks and resorts, which have been criticized by followers for nickle-and-diming friends.

Disney faces huge challenges in its second Iger age, together with rising issues in regards to the profitability of the streaming enterprise mannequin, on which Disney has guess closely with Disney+.