Breakingviews - Disney meets low bar with new chair
promoted Taylor to co-chief executive. He now holds two big jobs that will split his attention. Arnold at least can concentrate at one task: guiding Bob Chapek as Disney’s newish CEO.
But Disney’s appointment could have been more thoughtful. Arnold has been a member of Disney’s board since 2007. 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. Arnold is bumping up against Disney’s own corporate governance guidelines that state the board won’t nominate for re-election any non-management director after completing 15 years of service.
Iger’s transition from boss and chairperson has been in the works at least since February 2020, when Chapek replaced Iger as chief executive. 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.- Walt Disney said on Dec. 1 the board elected Susan Arnold who will replace Bob Iger as chairperson of Disney’s board. Arnold, who was a former executive at the Carlyle Group, joined the Disney board in 2007.
- Salesforce.com on Nov. 30 said it promoted Bret Taylor to co-chief executive. On Nov. 29, Twitter announced that Taylor would become its chairperson.Editing by Lauren Silva Laughlin and Sharon LamReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day.
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