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Susan Arnold, who served as an executive for Procter & Gamble and the Carlyle Group investment firm, will serve as chairman as Walt Disney Co.’s board of directors.

She will replace Bob Iger when he steps down on Dec. 31. 

He began his tenure as CEO in 2005, but did not receive the chairman role until 2012. Arnold has been a Disney board member for the past 14 years and became an independent lead director starting in 2018.

Iger began serving in a senior operating role in 1996 for Disney. He told the board Wednesday of his resignation, according to a filing with the U.S. Securities and Exchange Commission.

“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,” said Iger 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. 

Arnold has also served on the boards of McDonald’s Corp. and NBTY Inc.

In February 2020, Bob Chapek was named the CEO of the global entertainment company known for its amusement parks.