(Repeating with changes)
Washington, Dec 2 (UNI) For the first time its 98-year history, Walt Disney has elected a woman as its chairman.
Citing a statement issued by the Walt Disney on Wednesday, BBC reported Susan Arnold, who has been a Disney board member for 14 years, will succeed Bob Iger at the end of this year.
Iger stepped down as as Disney's chief executive in 2020 after 15 years being in the role. He will be leaving the company by the end of Decemeber.
"As I step into this new role as chairman of the board, I look forward to continuing to serve the long-term interests of Disney's shareholders and working closely with CEO Bob Chapek as he builds upon the company's century-long legacy of creative excellence and innovation," Arnold said in a statement.
For last eight years, Arnold had been an executive at Carlyle Group.
Her appointment comes as large companies are moving away from management structures where the chief executive and chairperson roles are held by the same person after pressure from corporate governance experts, investors and, in some cases, regulators to separate the two key positions, BBC reported.
"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," Iger said.
During Iger's tenure, the entertainment giant has has made major acquisitions, including takeovers of Pixar, Marvel, Lucasfilm and 21st Century Fox.
In 2016, it opened its first theme park and resort in China.
UNI RNJ