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Saturday, January 29, 2022

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Disney Board Elects Susan Arnold to Replace Bob Iger

Name it the top of the Iger period. Former CEO and present chairman of The Walt Disney Firm (DIS) board Bob Iger is stepping down from his position on the finish of this month. He can 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 govt whose wealth of expertise, unwavering integrity, and knowledgeable judgment” had helped the board since she joined in 2007. Arnold stated 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 exchange 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 grew to become revenue facilities.
  • Susan Arnold will chair Disney’s board at a time when the leisure big is making an attempt to reinvent itself as a digital firm with new income streams.

An Anticipated Transition in Surprising Occasions

Iger’s departure on the finish of this yr was anticipated after his resignation final yr as chief govt officer of the corporate he led for 15 years. Throughout this time, he loved the board’s unstinted assist as he transitioned Disney’s enterprise in a brand new route. 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 govt positions at a spread of corporations, together with personal fairness big 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 arrange Disney for an period dominated by streaming and new theme park experiences.

In the course of the pandemic, the corporate’s streaming providing Disney Plus racked up subscribers throughout the globe. However its growth has slowed in latest quarters even because it makes an attempt to expand its repertoire of stories in the Marvel universe whereas weathering controversies. On the similar time, the corporate has needed to cope with a reinvention and shutdowns of its theme parks, an important revenue middle, as a consequence of discovery of latest COVID variants. 

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

Many prime 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.

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