As the first woman in the 98-year history of the company, Susan Arnold becomes the new chairman of the board of the American entertainment giant.
Arnold will succeed Bob Iger on December 31st, Disney announced.
Iger, who resigned as CEO in 2020 after 15 years, will leave the company at the end of this month.
Bob Chapek succeeded Iger as chairman of the board.
Susan Arnold has international experience in marketing consumer goods. She has served on the Disney Board of Directors since 2007. The business economist was previously a manager at Procter & Gamble. The role of the Disney board chairman has changed over the years. Walt Disney himself held the title, as did his brother Roy after Walt's death. Proponents of shareholder rights have long insisted that the post of Chairman of the Board of Directors should be separated from that of CEO, so that responsibility in the boardroom should be divided among several heads. This is also recommended by Disney's own company guidelines.
Disney is currently investing in streaming video, trying to capitalize on the popularity of brands like Marvel and Star Wars that Iger acquired during his tenure.
Disney shares are down 22 percent this year as the growth of the streaming business slowed and the ongoing pandemic curbs expectations for the return of park-goers and moviegoers.