Arnold's election will be effective December 31, 2021, when Bob Iger formally steps down as chairman - a position he has held since 2012. Walt Disney Co. has named longtime board member Susan Arnold as its new chair to replace Bob Iger when he leaves the company at the . If anything it made Disney more vulnerable because employees and other stakeholders expected the company to live up to its own expressed values. On Monday, Chapek sent a memo to Disney employees stating his case for quiet diplomacy. Are you going to stand up for them or not?. Venture capitalists swap Paris Hilton for Al Gore, US blacklisting is no match for TikTok virality, Editing by Lauren Silva Laughlin and Sharon Lam, Theres hope beyond moaning for European telcos, Adani contrarian is a win for Hindenburg, too, Exclusive news, data and analytics for financial market professionals. The Walt Disney Company announced Wednesday that it has elected Susan Arnold to be its next chairman of the board, making her the first woman to helm the corporation in its 98-year history. Download all contribution records for this person. His attempt to keep out of the spotlight had failed. Arnold thanked Chapek for leading the company through the pandemic. Trian Partners L.P. and Trian Partners Parallel Fund I, L.P., wholly owned subsidiaries of Trian Fund Management, L.P., along with other entities affiliated with Nelson Peltz (collectively, the Trian Group), have nominated Nelson Peltz for election as director at the Annual Meeting in opposition to the nominees recommended by the Board, and brought a proposal to amend Disneys Bylaws. They are also able to put foward shareholder proposals. The C.E.O.s who say something but then follow it up with a real resource commitment and explain why theyre doing it employees that agree are engaged and excited, Kropp said. This isnt just a Disney issue. When you wait too long, youll get penalized no matter what you do., Companies need to accept that they have become part of the political process, like it or not, Paharia said. . Susan Arnold - Credit: dailyO. Susan E. Arnold. noted on a politically optimistic earnings call two days after the election, he supports closing tax . Picture taken July 24, 2021. The company is completely ideologically one-sided and actively discourages Christian and or conservative workers from speaking their mind, the worker said. (Unsplash/Brian McGowan) Early in 2022, Bob Chapek, CEO of The Walt Disney Companyone of Florida's largest employers with roughly 80,000 employeesand taxpayers, had reason to be satisfied with the company's performance, having just . Igers transition from boss and chairperson has been in the works at least since February 2020, when Chapek replaced Iger as chief executive. I can imagine one possible resolution: Companies openly embrace one side or another in the culture wars. Ron DeSantis speaks at a press conference at the Eau Gallie High School aviation hangar in Melbourne, Florida, on March 22. "Susan is an incredibly esteemed executive whose wealth of experience, unwavering integrity, and expert judgment have been invaluable to the company since she first joined the Board in 2007," Mr Iger said. Read about our approach to external linking. Susan Arnold is an American business executive and chairwoman of Walt Disney. You will be redirected back to your article in, Joe Biden Had Basal Cell Cancerous Tissue Removed From Chest, His Doctor Says, Spirit Awards: 'Everything Everywhere All At Once' Takes Best Feature, 6 Other Trophies; 'The Bear', Quinta Brunson Tops In TV - Full Winners List, Will Moviegoers Lend An Ear To Children Of The Corn Remake? She has also served in senior roles at some of America's biggest companies. Disneys in a big moment of transition. 1 He will be replaced by Susan Arnoldwho has been . This story has been shared 123,414 times. The Walt Disney Company has had a long-term track record of financial and creative success, built on the ability to leverage its rich intellectual property and unparalleled storytelling across its many businesses, from theatrical, streaming and linear broadcast to parks and resorts, and one of the most resonant names in sports, ESPN. Do Not Sell or Share My Personal Information. A backlash among Disney's senior executives grew to the point it reached the company's board. Walt Disney Co. named former Carlyle Group executive Susan Arnold as its chairman, replacing Bob Iger, who is nearing his previously announced departure from. The Fair Political Practices Commission is looking at whether former Gov. She's also been a director at McDonald's . BURBANK, Calif., December 1, 2021The Walt Disney Company (NYSE: DIS) Board of Directors announced that it has elected Susan E. Arnold as Chairman of the Board, effective December 31, 2021. As a result, the board will be reduced to 11 members. Get our latest storiesin the feed of your favorite networks. This website is using a security service to protect itself from online attacks. This is a list of The Walt Disney Company's Executive Management Team, both present and historical. Arnold has served on the board of directors of The Walt Disney Company since 2007,[3] as well as the Carlyle portfolio investments company NBTY, The Nature's Bounty Co. She has also been a member of the Board of Directors of McDonald's Co. since 2008. https://www.nytimes.com/2022/03/11/opinion/disney-florida-lgbtq.html, Illustration by The New York Times; Photography by johnnylemonseed, and OpThailand via Getty Images. It cited Igers track record in growing shareholder value as CEO and noted that the exec has already taken decisive steps to realign content creation and distribution, and reposition Disneys streaming platforms and linear broadcast and cable networks for enhanced profitability for the company.. "The Street likes Mr. Iger almost as much . Ron DeSantis speaks at a press conference at the Eau Gallie High School aviation hangar in Melbourne, Florida, on March 22. Disney employees, as well as outsiders, have called the bill anti-L.G.B.T.Q.+ legislation. Some of the language was heated. Susan Arnold, who has been a Disney board member for 14 years and the independent lead director since 2018, will succeed Bob Iger as chairman of the board at the end of 2021. All Rights Reserved. Send a note to coy-newsletter@nytimes.com. I interviewed Brian Kropp, chief of research in Gartners human resources practice. She had joined Procter & Gamble in 1980 and held several management and marketing positions before becoming the manager of Procter & Gamble's cosmetics business in Canada in 1990. Market data provided byFactset. She was a director of McDonalds Corporation from 2008 to 2016, and was a director of NBTY, Inc. from 2013 to 2017. She is known for her involvement in several works by the entertainment giant company. Susan Arnold, who has been a Disney board member for 14 years, will succeed Bob . "Susan is an incredibly esteemed executive whose wealth of experience, unwavering integrity, and expert judgment have been invaluable to the Company since she first joined the Board in . Photo by Marko Aliaksandr. Sabado Domingo @SabadoD00554481. And it fired Mandalorian actress Gina Carano in February after she made what were considered right-wing comments on social media. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. According to Forbes, Susan Arnold got her start as a brand assistant on the Dawn/Ivory Snow Group. Get the latest from KCRW in your inbox 3x a week. Hell be succeeded by Susan Arnold. On Wednesday, Chapek made his first public statement against the bill at the companys annual shareholder meeting, which was dominated by talk of Dont Say Gay rather than the companys (strong) financial condition. Disney is putting an emphasis on growing its streaming video product Disney+, which is already hitting a slowdown in subscribers. Got a confidential news tip? Chairman of the board Bob Iger leaves at the end of 2021. At the time, Iger was observing Disney's performance as a shareholder, but he had no intention of returning. I talked with two experts about how Chapek and other chief executives should act in this challenging new environment. ', Last edited on 16 February 2023, at 11:27, "Susan E Arnold, Walt Disney Co: Profile and Biography - Bloomberg Markets", "Susan Arnold Named Chairman of the Board of The Walt Disney Company, Effective December 31", "The Walt Disney Company - Susan Arnold Biography", "Susan Arnold, The Most Powerful Women - Forbes.com", "The Walt Disney Company - News from the Disney Board - May 01, 2007", "Dr Jeffrey Obomeghie and Dupe Olusola among the 100 most powerful people in global hospitality", "Disney names Susan Arnold as board chair, replacing Bob Iger", "Disney appoints woman as chair for first time in 98-year history", "Susan Arnold: After 98 years, Walt Disney gets first woman chair", "Disney Appoints Mark Parker As Chairman of the Board, Replacing Susan Arnold", https://en.wikipedia.org/w/index.php?title=Susan_Arnold&oldid=1139689950, This page was last edited on 16 February 2023, at 11:27. Chairman of the board Bob Iger leaves at the end of 2021. When Bob Iger officially leaves Disney at the end of . Yes, even on a piece of state legislation that did not directly involve Disney. Parker, who also serves as executive chairman at Nike Inc., succeeds Susan Arnold, who won't stand for re-election due to Disney's 15-year term limit requirements. Bob Iger (2012-2021) Susan E. Arnold (born March 8, 1954) is an American business executive; she is the chairwoman of The Walt Disney Company . Susan Arnold, Disney's chair, contacted Iger about the souring testimonials and sought his input. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Susan Arnold, who has been a Disney board member for 14 years, will succeed Bob Iger at the end of this year. With the departure of Arnold, Disney's board will shrink to 11 . On Twitter one person compared the Florida bill to the Nuremberg race laws enacted in Nazi Germany. Susan E. Arnold (born March 8, 1954) is an American business executive; she is the chairwoman of The Walt Disney Company. Now theres the possibility that he could own a sports team or take on another big public role. "As I step into this new role as chairman of the board, I look forward to continuing to serve the long-term interests of Disney's shareholders and working closely with CEO Bob Chapek as he builds upon the company's century-long legacy of creative excellence and innovation," Ms Arnold said in a statement. Disney executives had been working behind the scenes to head off Floridas Parental Rights in Education bill, which strongly constrains the teaching of sexual orientation and gender identity and which activist opponents call the Dont Say Gay bill. By Ryan Faughnder Staff Writer. "We believe there is little doubt that investors will applaud this move," wrote Citi analyst Jason Bazinet. Walt Disney has elected a woman to chair its board for the first time in the entertainment giant's 98-year history. 2018 Transaction Count/Amount. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Jeannetta Arnette. "Our goal as a company is for this law to be repealed by the legislature or struck down in the courts, and we remain committed to supporting the national and state organizations working to achieve that. Disneys chief executive, Bob Chapek, got a harsh introduction to the new reality of politicized business this week. Ms. Arnold has been a Director of the Company since 2007 and was elected as Chairman of the Board as of December 31, 2021. FLORIDA REPUBLICANS CONDEMN 'WOKE' DISNEY, URGE MORE BOYCOTTS BY CONSERVATIVES AGAINST THE 'ACTIVIST MACHINE'. But her long-time tenure that edges up to Disneys own parameters suggests the Magic Kingdom could have planned succession better. Bob Chapek, the current CEO of the company, came from consumer products and theme parks, rather than creative programming. Disneys in a big moment of transition. - Salesforce.com on Nov. 30 said it promoted Bret Taylor to co-chief executive. A Disney director for the past seven-years and Executive Chairman of Nike as well, he will succeed Susan E. Arnold, who will not stand for re-election as per the 15-year term limit under . Arnold becomes the first woman to chair Disney's board in the entertainment giant's 98-year history. There are almost daily memos, suggested readings, panels, and seminars that [are] all centered around antiracism, one employee told the outlet. Today, Disneys directors bring experience across a relevant range of disciplines, including brand, marketing and retail, direct-to-consumer expertise, and technology and innovation. Dec. 1, 2021 Updated 2:18 PM PT. edit. She'll succeed former CEO Bob Iger, who has served as board chairman since 2012. Send us a tip using our annonymous form. It wants to be loved by everybody: Massachusetts liberals and Mississippi conservatives, Muslims in Saudi Arabia and atheists in China. All Rights Reserved. She was an operating executive at The Carlyle Group until this year. Parker, a Disney board director since 2016 and current executive chairman of Nike, will succeed Susan Arnold, a veteran business leader who is not standing for reelection due to . These actions provide hope that the concept of an enlightened capitalism exists and has evolved in the subconscious of corporate leaders, who have responded collectively for the common welfare in a time of crisis. Mr Iger, who stepped down as Disney's chief executive in 2020 after 15 years in the role, will leave the company by the end of this month. He said the worst possible move for a company is to take a position on a social issue but not follow through on it. Disney noted that Parker will chair a newly created succession planning committee, look at internal and external candidates. Disney has a progressive record on sexuality and gender. 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 Companys nominees (noted above). Susan Arnold will replace Bob Iger, according to the Burbank, California-based entertainment giant.When she assumes the role on December 31, she will become the first woman to chair Disney's . As we have seen time and again, he wrote, corporate statements do very little to change outcomes or minds. Disney said it remains open to constructive engagement and ideas that help drive shareholder value, including with Trian. Iger struck a reassuring tone in his first email to staff on . Arnold is leaving her position as operating executive at the Carlyle Group (CG.O) as she steps up to lead the Disney board. Iger, a former weatherman, joined the TV broadcast network ABC in 1974, where he developed iconic American TV shows, such as "America's Funniest Home Videos" and "Home Improvement," and helped in creating "Who Wants to Be a Millionaire.". In his time as chief executive Disney made a number of major acquisitions, including the takeovers of Pixar, Marvel, Lucasfilm and 21st Century Fox. 93. At the same time, it is the top priority of mine and the Boards to identify and prepare a successful CEO successor, and that process has already begun.. There was talk of him serving as ambassador to China, but that never came to be. Arnold thanked Chapek for leading the company through the pandemic. But Disneys appointment could have been more thoughtful. Legal Statement. That puts her well above the average tenure of directors at companies in the S&P 500 Index, which stands at nearly 8 years, according to executive search firm Spencer Stuart. Susan Arnold will succeed Bob Iger as the next Disney chairman. Disney is replacing Bob Iger, who will soon wrap up his decades-long tenure at the company, with Susan Arnold as chairman of the board. In the vehicle market, certain brands (Subaru, Honda) appeal more to liberals and others (Ford, GMC) appeal more to conservatives, albeit without getting political themselves. Iger is set to step away from the role by the end of this year. He then joined Disney and became the CEO in 2005. Walt Disney Co. has announced that Susan E. Arnold will succeed Robert Iger as chairman of the board, the first time a woman has held the position at the company, effective December 31st. Disney has a September fiscal year and usually issues its proxy statement which, among other things, lists the companys slate of directors up for election in January, and holds its shareholder meeting in March. Philosopher. NEW YORK, Dec 2 (Reuters Breakingviews) - Walt Disney (DIS.N) has finally found its new board leader. Susan Arnold (Q535362) Susan Arnold. The more a company does, the more it is expected to do. Read about our approach to external linking. She was an operating . Shes a 14-year board member, and her taking over for Iger is seen as a move of stability. [11][12] She was elected chair on December 31, 2021. DeSantis signed the bill, which bars instruction on sexual orientation or gender identity in kindergarten through third grade, into law last week. A Division of NBCUniversal. But mammoth companies like Disney arent usually ready to give up on any part of their customer base, so the stresses of political involvement are likely to continue. Susan Arnold is taking over as Disney's chairman of the board, the company announced Wednesday. but a. We've received your submission. When is Eurovision and how do you get tickets? "Having most recently served as independent Lead Director, Susan is the perfect choice for Chairman of the Board, and I am confident the Company is well-positioned for continued success under her guidance and leadership," Iger said in a statement. ", HERITAGE ACTION CALLS OUT DISNEY: 'IT REALLY IS A WOKE WORLD AFTER ALL'. Parker's appointment is Disney. 2023 KCRW All Rights Reserved. The $260 billion media giant named Susan Arnold on Wednesday as . Ron DeSantis' new Parental Rights in Education law because the company is dedicated to standing up for the rights and safety of the LGBTQ+ community. And so on. They Were Secretly Conservative Spies. The move takes . Arnold is a 14-year member of the Disney . The Company expects to file preliminary materials with respect to the 2023 Annual Meeting of Stockholders shortly and looks forward to communicating with its stockholders once definitive proxy materials are available. Disneys said its board has elected Mark Parker chairman, effective following the annual meeting of shareholders.