Since stepping down as Nike CEO and becoming executive chairman in 2020, Mark Parker has kept a relatively low profile, but today he’s adding a new title to his resumé: chairman of the board at The Walt Disney Company.
The move was announced today by Disney, with a press release stating Parker will succeed current chairwoman Susan Arnold following the company’s annual meeting of shareholders. Arnold will not be seeking re-election for the position as she has reached the board’s 15-year term limit.
“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,” Disney CEO Bob Iger said in a press release. “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.”
“I am honored to have the opportunity to serve as Disney’s chairman, and I look forward to working closely with Bob [Iger] and his management team on a strategy of growth that balances investment with profitability, while preserving Disney’s core mission of creative excellence, to deliver shareholder value,” Parker said. “At the same time, it is the top priority of mine and the Board’s to identify and prepare a successful CEO successor, and that process has already begun.”
Parker has served on Disney’s board of directors since 2016. In addition to assuming the role of chairman of the board, Parker will also lead a new succession planning committee of the board at Disney.