The Walt Disney Company Board of Directors announced that it has elected independent director Mark G. Parker as Chairman of the Board, effective following the Annual Meeting of Shareholders. Mr. Parker, a seven-year member of the Disney Board and Executive Chairman of NIKE Inc., will succeed Susan E. Arnold, who will not stand for re-election pursuant to the 15-year term limit under Disney's Board Tenure Policy. As a result, the size of the Board will be reduced to 11 members.

Mr. Parker will also 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. Mr. Parker served as NIKE's Chairman and CEO until 2020, when he became Executive Chairman.