Disney Undergoing Major Board Shakeup After Bob Iger Return
The changes keep coming at Disney. Weeks after Bob Iger returned to the Mouse replacing his own successor Bob Chapek, the board of the company is undergoing another sizable change. Wednesday, news broke Susan Arnold is stepping down as chair of The Walt Disney Co. board, a role she had held adasince Iger's first retirement at the end of 2021. It's said Arnold will be replaced by Nike executive chairman Mark Parker at the company's next annual meeting.
""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," Iger said in a statement released by the company (via THR). "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."
The change comes as Disney say it's battling an ongoing proxy fight from activist investor Nelson Peltz and Trian Partners. "The Walt Disney Company remains open to constructive engagement and ideas that help drive shareholder value," the company added. "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."
For the first time since Iger returned, the company also revealed his plans this second time around. According to the company's statement, Iger will be using his two-year deal at the company to make the Disney business model adapt to an ever-changing media landscape.
"Mr. Iger's mandate is to use his two-year term and depth of experience in the industry to adapt the business model for the shifting media landscape, rebalancing investment with revenue opportunity while bringing a renewed focus on the creative talent that has made The Walt Disney Company the envy of the industry," the company concluded. "Mr. Iger has already taken decisive steps to realign content creation and distribution, and reposition Disney's streaming platforms and linear broadcast and cable networks for enhanced profitability for the Company."