Nike exec Mark Parker to succeed Susan Arnold as Walt Disney Company chair

Nike’s executive chairman Mark Parker has been elected as chairman of The Walt Disney Company, succeeding outgoing chair Susan Arnold, and tapped to chair a new “succession planning committee” with the goal of finding the company’s next CEO.

Mark Parker

Parker, who has served on Disney’s board of directors since 2016, will assume the board chair position at Disney’s next annual meeting.

Arnold has been board chair since the end of 2021 when she replaced Bob Iger, who has since returned for his second stint as CEO following the ouster of former CEO Bob Chapek in November.

According to Disney, Arnold’s departure is due to the fact she has reached the 15-year limit to serve on its board.

“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,” said Iger.

“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, who served as Nike’s chairman and CEO until 2020, will also be tasked with leading a committee whose role is to identify and prepare a CEO successor to Iger.

At the time of Iger’s two-year reappointment as CEO in late November, Disney said he would “set the strategic direction for renewed growth” and “work closely with the board in developing a successor to lead the company at the completion of his term.”

Elsewhere, the company also disclosed that activist investor Trian Group is attempting to mount a proxy fight for a seat on its board. The US-based asset management firm has nominated its founder, billionaire investor Nelson Peltz, for election as a director.

Trian Group, which recently bought more than US$800m worth of Disney shares following its year-end results, previously criticised the decision to reappoint Iger as CEO.

The House of Mouse responded by saying, “while senior leadership of The Walt Disney Company and its board of directors have engaged with Mr Peltz numerous times over the last few months, the board does not endorse the Trian Group nominee and recommends that shareholders not support its nominee, and instead vote for all the company’s nominees.”