In a surprising twist today, Susan E. Arnold was elected Chairman of the Board (effective December 31, 2021). She will replace Bob Iger, who had continued to serve in the role even after stepping down as CEO. He will leave the company entirely at the end of the year. However, it had been expected that Bob Chapek would be named Chairman of the Board, a perceived vote of no confidence in Disney’s current CEO.
In recent weeks, Disney’s stock price has plunged as investors grow concerned by a lack of content, disappointing Disney+ numbers, and growing negativity on social media about the company.
Ms. Arnold is a 14-year member of Disney’s Board. Bob Iger said of Ms. Arnold, “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.” He continued, “Susan is the perfect choice for Chairman of the Board, and I am confident the Company is well-positioned for continued success under her guidance and leadership. It has been a distinct honor to work with Susan and our many other talented directors, and I am incredibly grateful for the support and wise counsel they have provided during my tenure.”
It is unclear if Ms. Arnold will hold much sway over Bob Chapek’s rapid reshaping of the company, which seems to be at the root of current instability in Disney’s share price and source of ire amongst Disney fans.
Let’s Hear From You
Are you happy with the performance of Bob Chapek so far? What do you make of him being snubbed for the Chairman of the Board position? Let us know your thoughts.
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