Disney Board Elects Susan Arnold to Replace Bob Iger

Name it the tip of the Iger period. Former CEO and present chairman of The Walt Disney Firm (DIS) board Bob Iger is stepping down from his function on the finish of this month. He will probably be changed by Susan Arnold—who has been member of the Disney board for 14 years—on Dec. 31, 2021.

In an announcement launched yesterday, Iger known as Arnold “an extremely esteemed government whose wealth of expertise, unwavering integrity, and professional judgment” had helped the board since she joined in 2007. Arnold mentioned that Iger had left an “indelible mark” on the Home of Mouse for generations.

Key Takeaways

Susan Arnold, a 14-year veteran of Disney’s board, has been chosen to switch Bob Iger as chairman of the board.
Former CEO Bob Iger had a profitable tenure at Disney throughout which he oversaw worthwhile acquisitions and inauguration of latest theme parks that turned revenue facilities.
Susan Arnold will chair Disney’s board at a time when the leisure large is making an attempt to reinvent itself as a digital firm with new income streams.

An Anticipated Transition in Sudden Instances

Iger’s departure on the finish of this yr was anticipated after his resignation final yr as chief government officer of the corporate he led for 15 years. Throughout this time, he loved the board’s unstinted help as he transitioned Disney’s enterprise in a brand new path. Iger oversaw the success of its Marvel franchise, made many acquisitions—together with that of profit-generating animation studios and rival twenty first Century Fox—and opened new variations and outposts of Disney theme parks.

Arnold has held government positions at a spread of corporations, together with non-public fairness large Carlyle Group Inc. and The Procter & Gamble Firm (PG). She has her work reduce out for her and can coordinate with CEO Bob Chapek to organize Disney for an period dominated by streaming and new theme park experiences.

Throughout the pandemic, the corporate’s streaming providing Disney Plus racked up subscribers throughout the globe. However its development has slowed in current quarters even because it makes an attempt to increase its repertoire of tales within the Marvel universe whereas weathering controversies. On the identical time, the corporate has needed to cope with a reinvention and shutdowns of its theme parks, an important revenue middle, as a result of discovery of latest COVID variants.

“As I step into this new function as Chairman of the Board, I sit up for persevering with to serve the long-term pursuits of Disney’s shareholders and dealing intently with CEO Bob Chapek as he builds upon the corporate’s century-long legacy of inventive excellence and innovation,” Arnold said.

Many high Iger lieutenants are additionally leaving. Zenia Mucha, chief communications officer, and Alan Braverman, senior vice chairman, have already introduced their retirement and can depart the leisure behemoth on the finish of this yr.