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Nike’s executive chairman, Mark Parker, has been elected to be the next Disney chairman of the board. The Walt Disney Company confirmed on Wednesday, Jan. 11, that it has appointed Parker while opposing activist investor Nelson Peltz’s push to join the board.
According to CNBC, Walt Disney’s announcement on the appointment of a Nike executive as the new chair may possibly signal the start of a major fight. It was reported that Peltz’s Trian Fund Management company got a hold of Disney's stake worth around $800 million and started to aim for a board seat since then.
Trian was noted to be not in favor of Bob Iger’s reappointment as the company’s chief executive officer. It also wants to make carry out improvements in Disney’s operations and lower costs but many executives are opposed to the idea. This is why naming Nike’s Mark Parker as its board chairman may spark a messy internal battle among the executives.
“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 company’s nominees,” the California-headquartered mass media company said on Wednesday.
The company said that Parker’s election to the said role will immediately take effect after the Annual Meeting of Shareholders. He has been a member of Disney’s board for seven years already while also serving as the executive chairman at Nike Inc.
He is set to succeed Susan E. Arnold who is also stepping down from the board as her 15-year term limit is already up. With her departure, the number of board members will be reduced to 11.
“Mark Parker’s vision, incredible depth of experience and wise counsel have been invaluable to Disney, and I look forward to continuing working with him in his new role, along with our other directors, as we chart the future course for this amazing company,” The Walt Disney Company’s CEO, Robert A. Iger, said in a press release.
He added, “On behalf of my fellow Board members and the entire Disney management team, I also want to thank Susan for her superb leadership as Chairman and for her tireless work over the past 15 years as an exemplary steward of the Disney brand.”
Photo by: Craig Lovelidge/Unsplash
