Disney names former Nike CEO Mark Parker as its next chairman

• Former Nike CEO Mark Parker will become chairman of The Walt Disney Co.
• Parker remains executive chairman of Nike, where he was CEO from 2006 to 2020.

The Walt Disney Co. on Wednesday said former Nike CEO Mark Parker will become chairman of Disney's board. The move will be effective on the date of Disney's annual shareholders' meeting, which has not been announced yet.

Parker, who's been on Disney's board for seven years, also serves as executive chairman of Nike. He will succeed Susan E. Arnold, who isn't standing for reelection because of the board's tenure policies.

The move comes less than two months after Bob Iger returned as Disney's CEO.

"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 said in a news release.

Parker served as CEO of Nike from 2006 t0 2020, a period of enormous growth for the sportswear brand.

"I am honored to have the opportunity to serve as Disney's 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 Disney's core mission of creative excellence, to deliver shareholder value. At the same time, 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."

Disney shares were up slightly in after-hours trading.

Correction: January 12, 2023. A previous version of this article misstated the date of the company's annual shareholder meeting where Mark Parker will become chairman of The Walt Disney Co. Disney has not announced the date for this year's annual shareholder meeting.