By Denny Jacob

Walt Disney Co. on Wednesday said independent director Mark Parker was elected as chairman of the board, effective following its annual shareholder meeting.

The entertainment and theme parks giant said Mr. Parker will succeed Susan Arnold, who will not stand for reelection due to term limits. The size will be reduced to 11 members as a result.

Mr. Parker, a seven-year member of Disney's board and executive chairman of Nike Inc., will also chair a newly created succession planning committee of the board, Disney said.

Disney also said its board doesn't endorse Nelson Peltz, Trian Fund Management L.P.'s nominee for election as director. The company said it and the board have engaged with Mr. Peltz over the last few months but recommends shareholders vote for the company's nominees instead, among them Mary Barra, Safra Catz, Amy Chang, among others.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

January 11, 2023 16:41 ET (21:41 GMT)

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