Susan Arnold: After 98 years, Walt Disney gets first female chair

Walt Disney has appointed former Carlyle Group and Procter & Gamble Co. Susan Arnold as its chairman, replacing Bob Eiger, who is nearing his previously announced departure from the company.

Arnold, 67, has been the lead independent director since 2018 and has served on Disney's board since 2007. She has also been a director of McDonald's and NBTY. She will take over the position when Iger leaves the company on 31 December.

Eiger, 70, is wrapping up his long career at Disney after theme park chief Bob Chapek succeeded him as CEO last year. The company is putting its resources into streaming video under Chapek, trying to capitalise on the popularity of brands such as Marvel and Star Wars, which Iger acquired during his tenure.

As https://exness-ex.com/bonuses/ has learned, Disney shares have fallen 22% this year as growth in the streaming business has stalled and the ongoing pandemic has tempered expectations of the return of park visitors and movie audiences.

Arnold, who has led P&G's beauty and feminine hygiene business, among others, brings international consumer product marketing expertise to the role. As a board member for 14 years, she has also been imbued with Disney's unique culture. She is the first woman to hold the position.

However, the announcement signals that Chapek will not have the same level of autonomy as Iger and some of his predecessors.

The role of Disney chairman has taken many forms over the years. Walt Disney himself carried the title, as did his brother Roy after Walt's death. But shareholder rights advocates have long been pushing for the job to be separated from that of chief executive so that the executive is more accountable. Disney's own corporate guidelines recommend this.

Former US senator George Mitchell won the title in 2004 after a large number of Disney shareholders refused to back CEO Michael Eisner for the job. Former Procter & Gamble CEO John Pepper got the job after Iger took over and Mitchell left. Iger was given both roles in 2012, which also drew criticism from corporate governance advocates.

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