The Walt Disney Company enters the New Year with a new chairperson, as Susan Arnold becomes the first woman to head Disney’s board.
Arnold will take over from current chair Bob Iger when he steps down on Dec. 31. Iger has been with Disney in senior management or board roles since 1996.
Arnold has been a member of Disney’s board for 14 years and has served as its independent lead director since 2018.
“As I step into this new role as chairman of the board, I look forward to continuing to serve the long-term interests of Disney’s shareholders and working closely with CEO Bob Chapek as he builds upon the Company’s century-long legacy of creative excellence and innovation,” Arnold said in a statement.
The election of Arnold is also a distinct nod to the importance of licensing for the House of Mouse. Arnold is a veteran of the consumer products giant Procter & Gamble, where she led several of its top business units between 2002 and 2009. She also brings deep finance experience from her former role as a top executive at the Carlyle Group investment fund. Arnold has also held position on the boards of McDonald’s Corp. and NBTY Inc.
In a filing with the U.S. Securities and Exchange Commission, Disney said Iger informed its board Wednesday that he intended to step down as chairman of the board at the same time he left his role as executive chairman at the end of the year.
“Susan is an incredibly esteemed executive whose wealth of experience, unwavering integrity, and expert judgment have been invaluable to the company since she first joined the Board in 2007,” said Iger, in a prepared statement. “Having most recently served as independent lead director, Susan is the perfect choice for chairman of the board, and I am confident the company is well-positioned for continued success under her guidance and leadership. It has been a distinct honor to work with Susan and our many other talented directors, and I am incredibly grateful for the support and wise counsel they have provided during my tenure.”
The move won’t immediately affect the management structure at Disney, the company says. The company plans to keep the roles of CEO and chair separate for now, which follows a long-held tradition at Disney. Iger was the CEO at Disney, starting in 2005, but also took on the chairperson’s role in 2012, a full seven years later. Last year Iger stepped down as CEO as a first step in the company’s transition, and Bob Chapek was named CEO in February 2020.
Disney’s new executive structure will keep the roles of CEO and chairman separate for now, a trajectory the company has followed in the past. Iger was named CEO in 2005, but was not awarded the chairman role until 2012. Bob Chapek was named Disney’s chief executive in February of last year.