Disneys chief executive, Bob Chapek, got a harsh introduction to the new reality of politicized business this week. All quotes delayed a minimum of 15 minutes. -. The retailer Hobby Lobby is avowedly conservative, while the grocery chain Trader Joes is popular with liberals. 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. Hell be succeeded by Susan Arnold. She is based in New York. Companies that take a stand quick and are first movers in the space are perceived as being more authentic, she said. As Chapek noted in his memo, Disney has earned a 100 percent rating from the Human Rights Campaign for the past 16 years. In 2016, the firm opened its first theme park and resort in mainland China. What science tells us about the afterlife. Disney noted that Parker will chair a newly created succession planning committee, look at internal and external candidates. In a note published today, called Restore The Magic, Trian said Disney is at a crossroads. "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 . Consumers as well as employees have gotten used to thinking of companies as political players, she said: The traditional political process may be seen as less efficacious. Disney is pushing critical race theory on employees through a new plan called "Reimagine Tomorrow," urging workers to recognize their . Disney's in a big moment of transition. Chapek also engaged in a public battle with "Black Widow" star Scarlett Johansson, who sued the company over "breach of contract" after it decided to release the Marvel film on Disney+ the same day it hit theaters.Johansson and Disney eventually settled.. More recently, Chapek found himself in the political crossfire of Florida Governor Ron DeSantis, who revoked the company's special tax . Arnold is bumping up against Disneys own corporate governance guidelines that state the board wont nominate for re-election any non-management director after completing 15 years of service. Hosted by Matthew Belloni and Kim Masters Dec. 10, 2021 Entertainment. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. Legal Statement. His departure marks the end of an era. 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 . Neeru Paharia, an associate professor at Georgetown Universitys McDonough School of Business, said hanging back doesnt work. Disney shares were relatively flat in after-hours trading. By Prince Akoenyenu November 21, 2022. Susan Arnold will succeed Bob Iger as the next Disney chairman. Read about our approach to external linking. With the departure of Arnold . (Paul Hennessy/SOPA Images/LightRocket via Getty Images / Getty Images). Facebook gives people the power to. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. 3 min read. She retired from Procter & Gamble on September 1, 2009. 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. It can decide to fight the addition of 1 qualified Board member, OR work together with Trian to create sustainable, long-term value at Disney., We believe that current investor sentiment on Disney is low, reflecting the hard truth that Disney is a company in crisis and faces many challenges that weigh on the Companys investment prospects., While we acknowledge that Disney, like many media companies, is undergoing a challenging pivot to streaming, we believe that many of the Companys current problems are self-inflicted and need to be addressed Trian believes that it is well positioned to facilitate positive change at Disney given our experience investing in and serving on the board of directors of blue-chip companies, and working collaboratively with management teams and boards to optimize corporate governance, strategy, operations and capital allocation., Mark Parker is an incredibly well-respected leader who over seven years as a Disney director has helped the Company effectively navigate through a time of unprecedented change, Arnold said. American businessperson, an operating executive of The Carlyle Group, and chair of the Walt Disney Company. 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 company. edit. But Chapek had resisted making a public statement despite entreaties from employee groups at Disney. Physics is the law, everything else is a recommendation.. Critics have depicted the legislation as hurtful to LGBTQ inclusiveness and dubbed it the "Don't Say Gay" bill. But Disneys appointment could have been more thoughtful. Do Not Sell or Share My Personal Information. Disney is putting an emphasis on growing its streaming video product Disney+, which is already hitting a slowdown in subscribers. Susan E. Arnold Bob Iger John S. Chen Judith L. Estrin Fred H. Langhammer Aylwin B. Lewis Monica C. Lozano Robert W. Matschullat Sheryl K. Sandberg Orin C. Smith Susan Arnold - Chairwoman Bob Iger -CEO James A. Rasulo - Senior Executive Vice President and CFO Alan N. Braverman - Senior . Disney employees, as well as outsiders, have called the bill anti-L.G.B.T.Q.+ legislation. Some of the language was heated. 0. The Walt Disney Company has appointed its first female chairperson to its board of directors.. Disney confirmed that as of Dec. 31, Susan Arnold will take over for former CEO Bob Iger as chairman of the board. Arnold, 67, has been the lead independent director since 2018 and has served on Disney's board since 2007. Walt Disney Co on Wednesday tapped Susan Arnold as its chairman of the board, the first woman to be named to the role in the entertainment company's 98-year-long history. The Walt Disney Company 's board of directors has named Susan Arnold, a 14-year member of the board, as its new chair, succeeding the outgoing Bob Iger. Arnold thanked Chapek for leading the company through the pandemic. 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. Get the latest from KCRW in your inbox 3x a week. Walt Disney has elected a woman to chair its board for the first time in the entertainment giant's 98-year history. In 2004 she became Vice Chairman of Procter & Gamble and President of the company in 2007. 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 . Disney shares were down 41 percent this year, as of November 9, with even the company's streaming platform Disney+, which remains hugely popular, reporting an operating loss of $1.47 billion. Walt Disney has named a new chairman of the board, and indicated its also in for a proxy fight as Nelson Peltz Trian Group seeks a directors seat for the activist investor in opposition to the companys slate. Quotes displayed in real-time or delayed by at least 15 minutes. Joseph Prezioso/ZUMA Wire. Ron DeSantis speaks at a press conference at the Eau Gallie High School aviation hangar in Melbourne, Florida, on March 22. That fits with the direction Disney is headed in generally. NEW YORK, Dec 2 (Reuters Breakingviews) - Walt Disney (DIS.N) has finally found its new board leader. FAQ - New Privacy Policy, New York Posts Karol Markowicz discusses how Disney is pushing back against Floridas parental rights bill and how she is quitting the park on Fox Business Tonight., FIRST ON FOX: A conservative legal group set up by former Trump adviser Stephen Miller on Tuesday sent a letter to The Walt Disney Company Chair Susan Arnold accusing company executives of choosing to "discriminate," "alienate the Companys core customers" and even "violate the law.". Ant Man gets poor reviews. Mr Iger's exit marks the end of an era for Disney, who has been in a senior role at the company since 1996. Arnold, who has sat on the Mouse House's board for 14 years and who has . Where he heads next is still an open question. 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 Disneys Board Tenure Policy. Susan E. Arnold, a 14-year member of the Walt Disney Co.'s board of directors, will take the helm as board chairman, effective 31, the company announced Wednesday. Picture taken July 24, 2021. Disney employs many high-profile LGBTQ+ rights advocates both behind and in front of the camera, and its board is led by a gay woman, Susan Arnold, who succeeded Iger as chairman in December. Arnold thanked Chapek for leading the company through the pandemic. Iger led Disney for 15 years before stepping down in 2020. . Putting names to archive photos, The children left behind in Cuba's mass exodus, In photos: India's disappearing single-screen cinemas. Read about our approach to external linking. 2023 KCRW All Rights Reserved. Arnold becomes the first woman to chair Disney's board in the entertainment giant's 98-year history. The Board is nominating for re-election at the Companys Annual Meeting incumbent directors Mary T. Barra, Safra A. Catz, Amy L. Chang, Francis A. deSouza, Carolyn Everson, Michael B.G. Arnold's election will be effective December 31, 2021, when Bob Iger formally steps down as chairman - a position he has held since 2012. While Chapek is a long-time Disney executive, hes new to the corner office and his leadership will be tested by challenges. [4][5] In June 2022, she was recognized by the International Hospitality Institute on the Global 100 in Hospitality as one of the 100 Most Powerful People in Global Hospitality. While Iger came from a creative background, thats not the case with Arnold. Sign up for free newsletters and get more CNBC delivered to your inbox. [13] On January 11, 2023, Disney announced that Arnold would no longer serve as the board's chair after the next annual shareholder meeting and would be replaced by former Nike CEO Mark Parker.[14]. Arnold will begin her new role Dec. 31 . "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. 4. This story has been shared 123,414 times. Deadline is a part of Penske Media Corporation. 2020 Transaction Count/Amount. 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. Disney has given about $55 million to Republicans, Democrats and political committees in the state over the past 28 years, including about $5 million in 2020 and more than $2 million so far in . He now holds two big jobs that will split his attention. Tom Cruise and Steven Spielberg reconcile at Oscars luncheon, Disneys Bob Iger open to selling Hulu, plans exit in two years, Adam Scott, Lee Edward Colston II, and Sandy King Carpenter on The Treat, Wintering and enchantment: A pathway to healing and happiness, Born of persecution, Parsi cooking melds Persian and Indian cuisines, Playwright and actor Lee Edward Colston II on the beauty of a Black audience. [4][5][6], Since 2002, she has been listed on Fortune magazine's 50 Most Powerful Women in Business as #7 in 2008. During his years at Disney, Iger saw the acquisitions of Pixar, Marvel, Lucasfilm and Fox. Staffers should not rely on your black colleagues to educate you, which is emotionally taxing, the docs reportedly instruct. See here for a complete list of exchanges and delays. 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). Chairwoman. 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. 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. And so on. "Mark Parker is an incredibly well-respected leader who over seven years. As a result, the board will be reduced to 11 members. The move comes as the company faces a proxy fight with an influential activist shareholder. The bill also requires procedures for schools to discuss matters of "mental, emotional or physical health or well-being" with parents. 2023 CNBC LLC. Signup for Breaking News Alerts & Newsletters. In his time as chief executive Disney made a number of major acquisitions, including the takeovers of Pixar, Marvel, Lucasfilm and 21st Century Fox. She was an operating executive at The Carlyle Group until this year. The company has alsobackeda 21-Day Racial Equity and Social Justice Challenge day where participants are told they all been raised in a society that elevates white culture over others, City-Journal reported. 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. Language. Susan Arnold is an American business executive and chairwoman of Walt Disney. Currently, Susan E. Arnold is Chairman at The Walt Disney Co. Betty Arnold (Democratic Party) is a member of the Kansas State Board of Education, representing District 8.Arnold assumed office on January 12, 2021. "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. Mr. Parker will also chair a newly created Succession Planning Committee of the Board, which will advise the Board on CEO succession planning, including review of internal and external candidates. Warner Bros. golden ticket: Will they make new Lord of the Rings films? Susan Arnold, who has been a Disney board member for 14 years, will succeed Bob Iger at the end of this year. The entrance to Disney World in Orlando, Florida. As a subscriber, you have 10 gift articles to give each month. Susan Arnold had been named as chairperson of the board of the Walt Disney Company - Get Free Report replacing Robert Iger, effective December 31, 2021. The Walt Disney Company has a big problem. "The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period," said Susan Arnold, Disney's chairman (who will keep that title), in a written statement. Opinions expressed are those of the author. Susan Arnold - Credit: dailyO. Data is a real-time snapshot *Data is delayed at least 15 minutes. By subscribing, I agree to the Terms of Use and Privacy Policy. On Twitter one person compared the Florida bill to the Nuremberg race laws enacted in Nazi Germany. Jeannetta Arnette. Disneys in a big moment of transition. but a. Susan Arnold will succeed Bob Iger as the next Disney chairman. They targeted moderate . She was formerly an executive at global investment firm Carlyle. political party, a group of persons organized to acquire and exercise political power. Download all contribution records for this person. "The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period," Susan Arnold, Disney's chairman, said in a prepared statement. Iger also has some potential points of agreement with the new presidentas the Disney C.E.O. 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. 42/$4,105. Iger has a two year contract. "Floridas HB 1557, also known as the Dont Say Gay bill, should never have passed and should never have been signed into law," the Disney statement said. . 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. "We believe there is little doubt that investors will applaud this move," wrote Citi analyst Jason Bazinet. Specialty Preview, Ozy Media Closes In Wake Of Founder Carlos Watson Scandal, TikTok Introduces New Feature To Limit Screen Time For Teens, Prolific Actor Dies At 61 After Aneurysm; Hollywood Reax + Career In Photos, Eyes $51M+ Opening In U.S., A Record For Rocky Spinoff Franchise & Amazon, SAG-AFTRA And Casting Directors Weigh In On Self-Tape Controversy, Oscar Winner Guillermo del Toro On The Films That Lit His Fuse. Powered and implemented byFactSet Digital Solutions. We want to hear from you! . The entrance to Disney World in Orlando, Florida. Theyre disappointed but theyre not mad on average., Kropp said he feels for corporate chiefs who are bogged down in the culture wars. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. I talked with two experts about how Chapek and other chief executives should act in this challenging new environment. Under him, the behemoth acquired Pixar . The $260 billion media giant named Susan Arnold on Wednesday as . Arnold, who has been a board member for 14 years, will succeed Bob Iger on Dec. 31. Iger is set to step away from the role by the end of this year. There was talk of him serving as ambassador to China, but that never came to be. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. FOX Business' Marisa Schultz, Andrew Murray and Adam Shaw contributed to this report. 2023 FOX News Network, LLC. View the voter registration of Susan Arnold (age 76) from Tamarac, Florida. Earlier today, the Walt Disney Company Board of Directors elected Susan Arnold as Chairman of the Board. The move takes . Prior to that, she was President Global Business Units of Procter & Gamble from 2007 to 2009. This is a list of The Walt Disney Company's Executive Management Team, both present and historical. It wants to be loved by everybody: Massachusetts liberals and Mississippi conservatives, Muslims in Saudi Arabia and atheists in China. She was an operating . It states that "classroom instruction by school personnel or third parties on sexual orientation or gender identity may not occur in kindergarten through grade 3 or in a manner that is not age appropriate or developmentally appropriate for students in accordance with state standards.". [11][12] She was elected chair on December 31, 2021. During his four decades at NIKE, Mark has led one of the worlds most recognized consumer brands through various market evolutions and a successful CEO transition, and he is uniquely positioned to chair the Disney Board during this period of transformation., Mark Parkers 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, said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. Disney has named board member Mark Parker, Nike's executive chairman, as its new chairman of the board, succeeding Susan Arnold, the company announced Wednesday. Label. 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. A conservative legal group set up by former Trump adviser Stephen Miller on Tuesday sent a letter to The Walt Disney Company Chair Susan Arnold accusing company executives of choosing to . FLORIDA REPUBLICANS CONDEMN 'WOKE' DISNEY, URGE MORE BOYCOTTS BY CONSERVATIVES AGAINST THE 'ACTIVIST MACHINE'. Ms. Arnold has been a Director of the Company since 2007 and was elected as Chairman of the Board as of December 31, 2021. Susan E. Arnold has been President--Global Business Units of Procter & Gamble since 2007. Simply put, they can be counterproductive and undermine more effective ways to achieve change.. I attended several [training sessions] at the beginning just to see what the temperature of the discussion would be and to gauge if I would be able to bring up my own objections in a safe waysafe meaning for my career. ', 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. The BBC is not responsible for the content of external sites. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. As part of the challenge, staffers learn about their white privilege and are asked to fill out a white privilege checklist, with choices such as: I am white, I am heterosexual, I am a man, I still identity as the gender I was born in, I have never been raped, I dont rely on public transportation, and I have never been called a terrorist., The company has recently shown a willingness to embrace the new ideology, adding content advisories to films such as Dumbo, Aladdin, and Fantasia.. The Walt Disney Company has a big problem. The date of the Annual Meeting has not yet been announced. The average tenure of the current Board is four years, with three directors serving fewer than two years, and in addition the Board is led by an independent chairman. Arnold has been a member of Disneys board since 2007. Our Standards: The Thomson Reuters Trust Principles.