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The Walt Disney Company has named Mark Parker, the manager chairman of Nike, its next chairman of the board, while also announcing it’s opposing activist investor Nelson Peltz’s try and join the board.
Parker will succeed Susan Arnold, whose 15-year term limit involves an end, following the corporate’s annual meeting of shareholders. Disney’s board might be reduced to 11 members following Arnold’s departure.
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Disney’s announcement comes nearly two months after Trian Fund Management took an roughly $800 million stake in the corporate and started looking for a board seat. Trian reportedly desires to make operational improvements and reduce costs, and it has expressed its opposition to Robert Iger’s reappointment as CEO.
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