Disney Names Susan Arnold As Successor To Bob Iger For Board Chair

Walt Disney Co.’s DIS board of directors has named Susan Arnold as its new chairman, the media and entertainment conglomerate said Wednesday.

What Happened: Arnold will succeed Robert Iger as chairman of the board when he departs the company at the end of this year.

Arnold has been on Disney’s board for 14 years and has served as its independent lead director since 2018. She was formerly an operating executive of the equity investment firm Carlyle Group CG until earlier this year.

Arnold has also held executive positions at Procter & Gamble Company PG and McDonald’s Corp. MCD.

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Why It Matters: Iger has served as chairman of the board since 2012, and as Disney’s executive chairman since 2020. He stepped down as Disney’s chief executive officer in 2020 after 15 years in the role.

Most notably, Iger oversaw Disney’s multibillion-dollar acquisitions of LucasFilms and the Marvel franchise.

Arnold’s appointment comes as Disney focuses much of its future on streaming with Disney+ under CEO Bob Chapek.

Subscription video-on-demand platforms such as Disney+ and Netflix Inc. NFLX now boast of having millions of subscribers globally.

In November, Disney reported better-than-expected revenue for the fourth quarter and said it ended the quarter with 118.1 million Disney+ subscribers, up from 73.7 million in the year-ago period.

Disney also said last month that is planning a foray into the metaverse, touting the company’s history as an early adopter of the technology.

Price Action: Disney shares closed 1.9% lower in Wednesday’s regular trading session at $142.15, but rose 0.5% in the after-hours session to $142.90.

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