Did you have “NIKE executive joins The Walt Disney Company” on your 2023 Bingo Card?

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No? We didn’t either. It was recently announced that Mark Parker will be named Chairman of The Walt Disney Company, following Susan Arnold’s departure. Parker is currently the Executive Chairman of NIKE, Inc., and will succeed Arnold (who has reached the end of a 15-year term limit) on the board. But, Parker won’t just be a sitting duck — he’s been tasked with finding CEO Bob Iger’s replacement. Here’s what we know about Disney’s Succession Planning Committee.

Mark Parker will be named the new Chairman of The Walt Disney Company after the next Annual Meeting of Shareholders. And then, it’s time to get to work. Not only will Parker be the Chairman of Disney, but he will head up “a newly created Succession Planning Committee of the Board, which will advise the Board on the CEO succession planning, including review of internal and external candidates.”

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We know that Iger was brought on with the directive to help choose his successor, and it looks like he’s going to have a bit of help in doing so. Iger commented on the recent change, sharing, “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.”

Getty Images via The New York Times

Parker said he’s “honored to have the opportunity to serve as Disney’s Chairman” and will 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.”

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That strategy of growth includes finding someone who can step in and replace Iger as Disney CEO. The “top priority” of the new Succession Planning Committee is to “identify and prepare a successful CEO successor, and that process has already begun.” It’s clear that Parker and the Board will be wasting no time when it comes to developing a plan.

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This isn’t Parker’s first time helping a major company with a CEO transition, either. Current Disney Chair Susan Arnold remarked, “Mark has led one of the world’s most recognized consumer brands through various market evolutions and a successful CEO transition.”

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We look forward to what Parker and the Succession Planning Committee can accomplish and will keep you updated along the way!

See Who Could Replace Bob Iger as Disney CEO Here