Enlarge image
New Disney chief overseer Arnold: First woman to head the company
Photo: Heidi Gutman / Disney / ABC Television Group HANDOUT / EPA
Susan Arnold becomes the new chairman of the Disney group. She is the first woman in the company's 98-year history to head the American entertainment giant. Arnold will succeed Bob Iger on December 31st, Disney announced. Iger, who resigned as CEO in 2020 after 15 years, will leave the company at the end of this month. Bob Chapek succeeds him in the role of CEO. Arnold has been on the Disney Board of Directors since 2007 and has a long career in top positions in large companies, including Procter & Gamble.
The role of the Disney board chairman has changed over the years. Founder Walt Disney led the company quasi as boss and supervisor in personal union, as did his brother Roy after Walt's death. Proponents of shareholder rights have long insisted that the post of Chairman of the Board of Directors should be separated from that of CEO in order to distribute the responsibilities in the boardroom among several heads. Disney's corporate guidelines now also recommend this.
Disney is currently investing in streaming video, trying to capitalize on the popularity of brands like Marvel and Star Wars that Iger acquired during his tenure.
Disney shares are down 22 percent this year as the growth of the streaming business slowed and the ongoing pandemic curbs expectations for the return of park-goers and moviegoers.
mik