Disney's board of directors has elected former Nike Chief Executive Mark Parker to be its next chairman, but the move comes as the company faces a proxy fight with an influential activist shareholder.
With Arnold’s exit, the size of the board will be reduced to 11 members.
Parker will chair a newly created succession planning committee within the board, which will advise on planning for Iger’s replacement, “including review of internal and external candidates,” the company said. In addition to selecting Parker to lead the board, Disney rejected the overtures of billionaire activist investor Nelson Peltz, whose firm Trian Partners nominated him for election as director at the shareholder meeting in opposition to the nominees recommended by the board and brought forward a proposal to amend Disney’s bylaws.
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