Disney Elects Mark Parker Board Chairman, Replacing Susan Arnold; Activist Investor Nelson Peltz Also Seeking A Seat

deadline.com:

Walt Disney has named a new chairman of the board chair and indicated it’s also in for a proxy fight as Nelson Peltz Trianon Group seeks a director’s chair for the activist investor in opposition to the company’s slate. “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,” Disney said.

Disney’s said its board has elected Mark Parker chairman, effective following the annual meeting of shareholders. 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 pursuant to the 15-year term limit under Disney’s Board Tenure Policy. As a result, the size of the Board will be reduced to 11 members.

Disney’s statement: “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,” Ms.