Walt Disney first times appoints female as a Chairperson

Walt Disney has chosen a woman to be its president for the first time in the entertainment giant's 98-year history. Susan Arnold, who has been Disney's board member for 14 years, will succeed Bob Iger later this year.

She was a former executive at the global investment firm Carlyle. Mr Iger, who resigned as Disney chief executive in 2020 after 15 years in the role, will leave the company at the end of this month.

"As I step into this new role as Chairman of the Board, I continue to look forward to serving the long-term interests of Disney shareholders and working closely with CEO Bob Chapek as he builds on the company's centuries-long legacy of creative excellence. "Innovation," Ms Arnold said in a statement," said Susan Arnold.

She has also held senior roles at some of America's largest companies.

For the past eight years, Ms Arnold has been an executive at Carlyle Group, having held roles in consumer goods giant Procter and Gamble and fast-food chain McDonald's.

"Susan is an incredibly esteemed executive whose wealth of experience, incredible integrity, and expert judgment have been valuable to the company since she first joined the Board of Directors in 2007," said Mr Iger.

Their appointment comes as large companies move away from management structures where the role of chief executive and president is held by the same person under pressure from corporate governance experts, investors and, in some cases, regulators to separate the two key positions.

Mr Iger's departure marks the end of an era for Disney, which has been a senior member of the company since 1996.

During his tenure as CEO, Disney has made a number of significant acquisitions, including acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox. In 2016, the company opened its first theme park and resorted in mainland China.

Several other Disney executives have announced plans to leave by the end of this year, including studio director Alan Horn, president and chief creative officer of Disney Branded Television Gary Marsh and General Counsel Alan Braverman.

Arnold brings to his role extensive public company management experience and in-depth knowledge of brand management and marketing, environmental sustainability, product and business development, international consumer markets, finance, and executive and risk management.

Previously, she was President-Global Business Units of Procter & Gamble from 2007 to 2009. Prior to that, Procter & Gamble was Arnold Vice President-Beauty & Health of 2006, Vice-Chair-Beauty of 2004, and President- Global Personal Beauty Care & Global Feminine Care of 2002. She was Director of McDonald's Corp. from 2008 to 2016 and Director of NBTY, Inc. from 2013 to 2017.

According to reports, Iger will leave the company by the end of this month. He had resigned as Disney chief executive in 2020 after 15 years in the role.