Susan Arnold was named Wednesday the next board chair of The Walt Disney Co., and will replace Bob Iger when he leaves the company at the end of the year.

Arnold, a former operating executive of The Carlyle Group investment firm, has been on the Disney Board of Directors for 14 years.

“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 in a statement. “Having most recently served as independent lead director, Susan is the perfect choice for chairman of the board, and I am confident the company is well-positioned for continued success under her guidance and leadership. It has been a distinct honor to work with Susan and our many other talented directors, and I am incredibly grateful for the support and wise counsel they have provided during my tenure.”

Arnold previously served in various executive roles with Procter & Gamble and was a director of McDonald’s Corp. from 2008 to 2016 and a director of NBTY Inc. from 2013 to 2017.

Iger has been chairman of the board since 2012 and has served as Disney’s executive chairman since 2020. He was Disney CEO from 2005-2020.

“On behalf of the Board, I would like to express my deepest gratitude to Bob Iger for his extraordinary leadership over the past decade-and-a-half,” Arnold said in a statement. “Bob has led Disney to amazing heights both creatively and financially, with his clear strategic vision for delivering high-quality branded storytelling, embracing cutting-edge technology, and expanding internationally, and he’s left an indelible mark on The Walt Disney Company that will be felt for generations to come.

“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.”

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