The Walt Disney Company recently had a major shake-up when Bob Iger returned as the company’s CEO, replacing Bob Chapek. Following Chapek’s departure, we saw a few other Disney executives exit the company.

Now, more executive changes are taking place!

It was announced today on Business Wire that Mark Parker will be named the new Chairman of The Walt Disney Company. Susan E. Arnold (who currently holds this position) is not standing for re-election due to a 15-year term limit on the board. Parker has been on the Disney Board of Directors for 7 years now, and he is currently the Executive Chairman of NIKE, Inc. Parker will succeed Arnold beginning after the next Annual Meeting of Shareholders.

Arnold said, “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.” She also commented on Parker’s specific ability to help Disney CEO Bob Iger with the issue he’s facing of choosing a successor: “During his four decades at NIKE, Mark has led one of the world’s most recognized consumer brands through various market evolutions and a successful CEO transition, and he is uniquely positioned to chair the Disney Board during this period of transformation.”

CEO Bob Iger also commented on this change: “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.”

Iger thanked Susan Arnold for her leadership as well: “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.”

Parker said that he’s “honored to have the opportunity to serve as Disney’s Chairman” and is planning to work “closely with Bob 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’s main concern, however, is the issue of succession for Disney’s CEO. He said, “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 will chair “a newly created Succession Planning Committee of the Board, which will advise the Board on CEO succession planning, including review of internal and external candidates.”

Stay tuned to DFB for more updates on all the latest news from The Walt Disney Company!

Mark Parker almost Replaced Bob Chapek as Disney’s CEO. Learn more here!

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The post BREAKING: Nike Executive Mark Parker Named Disney’s NEW Chairman of the Board first appeared on the disney food blog.