"Accordingly, management has placed the Companys assets, including its brand, reputation, and good will, at risk.". She was an operating . Changes at the top are disruptive and Disney is undergoing its own transformation. She was a director of McDonalds Corporation from 2008 to 2016, and was a director of NBTY, Inc. from 2013 to 2017. Mr Iger, who stepped down as Disney's chief executive in 2020 after 15 years in the role, will leave the company by the end of this month. Click to reveal The far-left turn by the house of Mickey Mouse has led to sky-high tensions, but staffers are terrified about speaking out against the ideology, multiple employees told City-Journal. Another activist investor, Dan Loeb, agitated last year for Disney to spin off or sell ESPN but backed off in September saying he had a better understanding of the assets value to the broader company. A Division of NBCUniversal. December 2, 2021. BREAKING: Mark Parker Named New Disney Chairman, Succeeding Susan Arnold. But it keeps getting dragged into politics, often by employees who tend to be liberal and want the company to reflect their values. By Prince Akoenyenu November 21, 2022. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. #Disney #BobIger #BobChapek Bob Iger strenghtens his grip on Disney by ousting Susan Arnold as Chairman of the Board, install a cronie in her place . He said the worst possible move for a company is to take a position on a social issue but not follow through on it. His departure marks the end of an era. Chairman of the board Bob Iger leaves at the end of 2021. You can email the site owner to let them know you were blocked. Susan E. Arnold has been President--Global Business Units of Procter & Gamble since 2007. Walt Disney Co. has named longtime board member Susan Arnold as its new chair to replace Bob Iger when he leaves the company at the . The retailer Hobby Lobby is avowedly conservative, while the grocery chain Trader Joes is popular with liberals. edit. When you wait too long, youll get penalized no matter what you do., Companies need to accept that they have become part of the political process, like it or not, Paharia said. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. It wants to be loved by everybody: Massachusetts liberals and Mississippi conservatives, Muslims in Saudi Arabia and atheists in China. 10. View the profiles of people named Susan 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," Mr Iger said. The $260 billion media giant named Susan Arnold on Wednesday as . On Monday, Chapek sent a memo to Disney employees stating his case for quiet diplomacy. And it fired Mandalorian actress Gina Carano in February after she made what were considered right-wing comments on social media. Your IP: Disney has a new board chair, and she's a gay woman. Disney recommends its staffers hit the books, suggesting one essay that encourages parents to commit to raising race-consciousness in children and which teaches that even babies discriminate against members of other races. Prior to that, she was Vice Chair of P&G Beauty and. Powered and implemented byFactSet Digital Solutions. Arnold, 67, has been the lead independent director since 2018 and has served on Disney's board since 2007. As we have seen time and again, he wrote, corporate statements do very little to change outcomes or minds. Theyre disappointed but theyre not mad on average., Kropp said he feels for corporate chiefs who are bogged down in the culture wars. Weve already seen that happen a bit. They are also able to put foward shareholder proposals. Walt Disney Co. named former Carlyle Group executive Susan Arnold as its chairman, replacing Bob Iger, who is nearing his previously announced departure from. But her long-time tenure that edges up to Disneys own parameters suggests the Magic Kingdom could have planned succession better. FOX Business' Marisa Schultz, Andrew Murray and Adam Shaw contributed to this report. susan arnold disney political party. Disneys in a big moment of transition. Parker, a Disney board director since 2016 and current executive chairman of Nike, will succeed Susan Arnold, a veteran business leader who is not standing for reelection due to . Disney employs many high-profile LGBTQ+ rights advocates both behind and in front of the camera, and its board is led by a gay woman, Susan Arnold, who succeeded Iger as chairman in December. She'll succeed Bob Iger, who stepped down as Disney CEO early last year. Susan Arnold, a veteran of consumer-products giant Procter & Gamble as well as the Carlyle Group investment firm, will take the reins as chairman of Walt Disney Co.'s board of directors . I can imagine one possible resolution: Companies openly embrace one side or another in the culture wars. Also known as. "The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the Company through this pivotal period," said Susan Arnold, Disney's chairman (who will keep that title), in a written statement. Are you going to stand up for them or not?. Arnold becomes the first woman to chair Disney's board in the entertainment giant's 98-year history. 2020 Transaction Count/Amount. I interviewed Brian Kropp, chief of research in Gartners human resources practice. All Rights Reserved. (Paul Hennessy/SOPA Images/LightRocket via Getty Images / Getty Images). And so on. Susan ArnoldPolitical Campaign Contributions2004 Election Cycle. Chairman of the board Bob Iger leaves at the end of 2021. The action you just performed triggered the security solution. The Board does not endorse the Trian Group nominee, and recommends that shareholders not support its nominee, and instead vote FOR all the Companys nominees, Disney said. Susan Arnold is an American business executive and chairwoman of Walt Disney. She was formerly an executive at global investment firm Carlyle. This website is using a security service to protect itself from online attacks. Venture capitalists swap Paris Hilton for Al Gore, US blacklisting is no match for TikTok virality, Editing by Lauren Silva Laughlin and Sharon Lam, Theres hope beyond moaning for European telcos, Adani contrarian is a win for Hindenburg, too, Exclusive news, data and analytics for financial market professionals. Send us a tip using our annonymous form. "[I]t seems the Companys executives are engaging in systemic discrimination against religious believers and creating a hostile work environment to silence them and/or drive them out of the Company; unlawfully favoring some individuals and discriminating against others with respect to the terms," the AFL letter states. That puts her well above the average tenure of directors at companies in the S&P 500 Index, which stands at nearly 8 years, according to executive search firm Spencer Stuart. The author discusses which mechanisms have proven particularly Arnold, Elden Elwood (1900-1978) also known as Elden E. Arnold of Britton, Marshall County, S.Dak. Disney is pushing critical race theory on employees through a new plan called Reimagine Tomorrow, urging workers to recognize their white privilege, in a battery of training modules on topics such as systemic racism and white fragility, according to internal documents obtained by City-Journals Christopher Rufo. Susan Arnold, who has been a Disney board member for 14 years, will succeed Bob . 2023 NYP Holdings, Inc. All Rights Reserved, Disney may sell its 67% stake in Hulu to buy more Marvel rights: analyst, Critics slam woke live-action Peter Pan trailer, How the rich do Disney and its nothing like us commoners, Jude Law as Captain Hook in Peter Pan & Wendy triggers backlash. Chris Palmeri reports. In 1999, she assumed global responsibility for Procter & Gamble's beauty business, thereby becoming the first woman to reach a president-level position in the company. Disney urged shareholders to vote against Peltz and named current board member Mark Parker as its chairman. Dec. 1, 2021 Updated 2:18 PM PT. Susan E. Arnold, a 14-year member of the Walt Disney Co.'s board of directors, will take the helm as board chairman, effective 31, the company announced Wednesday. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. "The Board has concluded that as Disney embarks on an increasingly complex period of industry transformation, Bob Iger is uniquely situated to lead the company through this pivotal period," Susan Arnold, Disney's chairman, said in a prepared statement. Mr. Igers mandate is to use his two-year term and depth of experience in the industry to adapt the business model for the shifting media landscape, rebalancing investment with revenue opportunity while bringing a renewed focus on the creative talent that has made The Walt Disney Company the envy of the industry. The bill also requires procedures for schools to discuss matters of "mental, emotional or physical health or well-being" with parents. The Walt Disney Company has a big problem. Investors are allowed delcare opposition board candidates to push change, leading to a whats called a proxy fight. Ant Man gets poor reviews. He then joined Disney and became the CEO in 2005. Susan Arnold was formerly an operating executive of equity investment firm The Carlyle Group. 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., Said Mr. Parker: I am honored to have the opportunity to serve as Disneys Chairman, and I look forward to working closely with Bob and his management team on a strategy of growth that balances investment with profitability, while preserving Disneys core mission of creative excellence, to deliver shareholder value. 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. That stands in contrast to Twitter, which on Monday elected read more Bret Taylor as its chairperson. [2], She is an operating executive of The Carlyle Group, since September 2013. told me, If we get involved in everything our employees want to get involved in, that would become my full-time job. On the other hand, Kropp said: Youve got a set of values. Disney shares were down 41 percent this year, as of November 9, with even the company's streaming platform Disney+, which remains hugely popular, reporting an operating loss of $1.47 billion. Staffers are told to reject equality for equity and must reflect on Americas racist infrastructure and think carefully about whether or not [their] wealth is derived from racism, according to the documents. Simply put, they can be counterproductive and undermine more effective ways to achieve change.. A day later, the $250 billion Salesforce.com (CRM.N) promoted Taylor to co-chief executive. On Twitter one person compared the Florida bill to the Nuremberg race laws enacted in Nazi Germany. American First Legal (AFL) senior counselor Reed Rubinstein argues in a letter written on behalf of "concerned shareholders and customers of" Disney that the company's management "may be" in violation of Title VII of the Civil Rights Act; Florida's Civil Rights Act; and California Labor Code sections 1101 and 1102. "Our goal as a company is for this law to be repealed by the legislature or struck down in the courts, and we remain committed to supporting the national and state organizations working to achieve that. This material may not be published, broadcast, rewritten, or redistributed. NEW YORK, Dec 2 (Reuters Breakingviews) - Walt Disney (DIS.N) has finally found its new board leader. Physics is the law, everything else is a recommendation.. With the departure of Arnold . Arnold, who was a former executive at the Carlyle Group, joined the Disney board in 2007. She served as president of the global business units of Procter & Gamble from 2007 to 2009 and was also a member of the board at McDonald's from 2008 to 2016. She is a white, non hispanic female registered to vote in Broward County . Gov. But that progressive record was no shield from criticism. Mr Iger's exit marks the end of an era for Disney, who has been in a senior role at the company since 1996. Health workers in protective gear carry out tests at the theme park, Disney and Scarlett Johansson settle lawsuit, New Disney movies to debut exclusively in cinemas, Shang-Chi leads cinema fightback at box office, Historic ocean treaty agreed after decade of talks, China looks at reforms to deepen Xi's control, Inside the enclave surrounded by pro-Russia forces, 'The nurses wanted me to feel guilty about my abortion, From Afghan TV fame to a US factory floor. Susan Arnold will succeed Bob Iger as the next Disney chairman. Iger is set to step away from the role by the end of this year. Regarding your Wednesday newsletter on businesses cutting ties with Russia over its invasion of Ukraine: When it comes to a crunch, corporations are showing their commitment to preserving democracy and Western values, which cannot be readily quantified in monetary terms. See here for a complete list of exchanges and delays. The article describes an environment in which some Disney employees allegedly found themselves "the target of scrutiny and likely termination" if they spoke out against Disney's political stances. Arnold has served as the panel . With the departure of Arnold, Disney's board will shrink to 11 . Those that disagree might be mad at you, but if you explain the decision-making process, their engagement levels dont fall. 93. Disneys said its board has elected Mark Parker chairman, effective following the annual meeting of shareholders. Iger has been key in making Disney into a social media powerhouse through acquisitions and content plays. The Walt Disney Company has a big problem. All Rights Reserved. Prior to that, she was President Global Business Units of Procter & Gamble from 2007 to 2009. Susan Arnold will succeed Bob Iger as the next Disney chairman. FAQ - New Privacy Policy, New York Posts Karol Markowicz discusses how Disney is pushing back against Floridas parental rights bill and how she is quitting the park on Fox Business Tonight., FIRST ON FOX: A conservative legal group set up by former Trump adviser Stephen Miller on Tuesday sent a letter to The Walt Disney Company Chair Susan Arnold accusing company executives of choosing to "discriminate," "alienate the Companys core customers" and even "violate the law.". Thanks for contacting us. The company made the announcement today. "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," Ms Arnold said in a statement. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. American businessperson, an operating executive of The Carlyle Group, and chair of the Walt Disney Company. She'll succeed former CEO Bob Iger, who has served as board chairman since 2012. Wall Street applauded Iger's return. The more a company does, the more it is expected to do. Disney's in a big moment of transition. This story has been shared 123,414 times. Arnold is bumping up against Disneys own corporate governance guidelines that state the board wont nominate for re-election any non-management director after completing 15 years of service. The company is completely ideologically one-sided and actively discourages Christian and or conservative workers from speaking their mind, the worker said. Susan Arnold, who has been a Disney board member for 14 years, will succeed Bob Iger at the end of this year. She has also served in senior roles at some of America's biggest companies. As a subscriber, you have 10 gift articles to give each month. Predecessor. [13] On January 11, 2023, Disney announced that Arnold would no longer serve as the board's chair after the next annual shareholder meeting and would be replaced by former Nike CEO Mark Parker.[14]. Putting names to archive photos, The children left behind in Cuba's mass exodus, In photos: India's disappearing single-screen cinemas. "Floridas HB 1557, also known as the Dont Say Gay bill, should never have passed and should never have been signed into law," the Disney statement said. AFL's letter comes after Disney announced last week that it will work to repeal Florida Gov. NEW YORK, Dec 2 (Reuters Breakingviews) - Walt Disney (DIS.N) has finally found its new board leader. Its been a tumultuous period for the company culminating in an abrupt CEO change in November as Bob Iger returned, taking the reins from Bob Chapek. 2021-present. Disney has a September fiscal year and usually issues its proxy statement which, among other things, lists the companys slate of directors up for election in January, and holds its shareholder meeting in March. Susan E. Arnold has been President--Global Business Units of Procter & Gamble since 2007. Chairman of the board Bob Iger leaves at the end of 2021. Join Facebook to connect with Susan Arnold and others you may know. Made in L.A. Streaming music, news & culture from KCRW Santa Monica, Live streaming music, news & culture from KCRW Santa Monica. Arnold at least can concentrate at one task: guiding Bob Chapek as Disneys newish CEO. [11][12] She was elected chair on December 31, 2021. Arnold is leaving her position as operating executive at the Carlyle Group (CG.O) as she steps up to lead the Disney board. Sign up for free newsletters and get more CNBC delivered to your inbox. asks James Heskett. The date of the Annual Meeting has not yet been announced. it kicked off a political backlash with conservative lawmakers and media outlets pushing boycotts and labeling Disney as too "woke . Disney executives had been working behind the scenes to head off Floridas Parental Rights in Education bill, which strongly constrains the teaching of sexual orientation and gender identity and which activist opponents call the Dont Say Gay bill. from 1999 to present. Disney said it remains open to constructive engagement and ideas that help drive shareholder value, including with Trian. All rights reserved. The companys market capitalization grew nearly fivefold during his tenure from $48 billion to over $230 billion. To a Spreadsheet or Other File Type. That it has taken so long to officially elect the former private equity executive as chairperson signals a bumpy process to clear a low bar. Mr. Iger has already taken decisive steps to realign content creation and distribution, and reposition Disneys streaming platforms and linear broadcast and cable networks for enhanced profitability for the Company. Warner Bros. golden ticket: Will they make new Lord of the Rings films? Disney noted that Parker will chair a newly created succession planning committee, look at internal and external candidates. The tensions seem to be intensifying. Earlier today, the Walt Disney Company Board of Directors elected Susan Arnold as Chairman of the Board. Trian Partners L.P. and Trian Partners Parallel Fund I, L.P., wholly owned subsidiaries of Trian Fund Management, L.P., along with other entities affiliated with Nelson Peltz (collectively, the Trian Group), have nominated Nelson Peltz for election as director at the Annual Meeting in opposition to the nominees recommended by the Board, and brought a proposal to amend Disneys Bylaws. Disney has given about $55 million to Republicans, Democrats and political committees in the state over the past 28 years, including about $5 million in 2020 and more than $2 million so far in . Get our latest storiesin the feed of your favorite networks. It therefore prefers to minimize the number of times it takes stands on hot-button social issues. 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. Do you know this baby? It wants to be loved by everybody: Massachusetts liberals and Mississippi conservatives, Muslims in Saudi Arabia and atheists in China. Susan Arnold, Disney's chair, contacted Iger about the souring testimonials and sought his input. Ron DeSantis speaks at a press conference at the Eau Gallie High School aviation hangar in Melbourne, Florida, on March 22. Prior to 2007, she was Vice Chair of P&G Beauty and Health from 2006, Vice Chair of P&G Beauty from 2004 and President . They targeted moderate . Igers transition from boss and chairperson has been in the works at least since February 2020, when Chapek replaced Iger as chief executive. Susan Arnold Biography. Will the Marvel invincibility last? He'll be succeeded by Susan Arnold. Ron DeSantis speaks at a press conference at the Eau Gallie High School aviation hangar in Melbourne, Florida, on March 22. Ms. Arnold has been a Director of the Company since 2007 and was elected as Chairman of the Board as of December 31, 2021. The change will take effect after the company's annual shareholder meeting. Arnold has served on the board of directors of The Walt Disney Company since 2007,[3] as well as the Carlyle portfolio investments company NBTY, The Nature's Bounty Co. She has also been a member of the Board of Directors of McDonald's Co. since 2008. Disney employees, as well as outsiders, have called the bill anti-L.G.B.T.Q.+ legislation. Some of the language was heated. Its been very stifling to feel like everyone keeps talking about having open dialogue and compassionate conversations, but when it comes down to it, I know if I said one thing that was truthful, based on data, or even just based on my own personal experience, it would actually be rather unwelcomed, the person continued. The BBC is not responsible for the content of external sites.