Susan Arnold has been appointed the new chair of The Walt Disney Company's board of directors, replacing outgoing chair Bob Iger, the company announced Wednesday.

What You Need To Know

  •  Disney has appointed Susan Arnold as its next board chair

  •  Arnold, a 14-year member of the board, will replace outgoing chair Bob Iger

  • Iger is set to leave the company at the end of the year

​Arnold, a 14-year member of the board, will take over the role on Dec. 31 when Iger leaves the company. Iger, who has been chairman of the board since 2012, stepped down as Disney CEO in early 2020, handing over the reins to former Disney Parks chairman Bob Chapek.

"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," Arnold said in a statement.

Arnold has been the independent lead director of Disney since 2018. She's also held executive positions at The Carlyle Group and Procter & Gamble. 

She's the first woman in Disney's history to serve as board chair.

"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," Iger said in a statement.

Iger's exit marks the end of an era for Disney. In his 15 years as Disney CEO, Iger oversaw a number of major acquisitions for the company, including Pixar, Marvel, Lucasfilm and 21st Century Fox. Disney also launched its new streaming service, Disney+, under Iger's leadership. 

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