Disney names Susan Arnold as board chair, replacing Bob Iger

KEY POINTS

• Susan Arnold is taking over as Disney's chairman of the board, the company announced Wednesday.
• She'll succeed former CEO Bob Iger, who has served as board chairman since 2012.
• Iger is set to step away from the role by the end of this year.

Disney's lead independent director Susan Arnold told Chapek he needed to formally apologize to Disney employees for not taking a public stance against Florida's "Don't Say Gay" bill.

Source: Disney

Susan Arnold is taking over as Disney's chairman of the board, the company announced Wednesday.

She'll succeed Bob Iger, who stepped down as Disney CEO early last year. Iger has served as chairman of the board since 2012 and is set to leave the position effective Dec. 31.

Arnold has been on Disney's board for 14 years and has served as the independent lead director since 2018. She was an operating executive at The Carlyle Group until this year. She served as president of the global business units of Procter & Gamble from 2007 to 2009 and was also a member of the board at McDonald's from 2008 to 2016.

"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.

Iger has been key in making Disney into a social media powerhouse through acquisitions and content plays.

Disney shares were relatively flat in after-hours trading.