The Walt Disney Company has announced that Susan E. Arnold will replace Robert A. Iger as Chairman of the Board, effective December 31, 2021. The change comes as Iger gets ready to depart the company at the end of the year following a decades-long career with Disney, including as chief executive officer from 2005 to 2020. Arnold is a 14-year member of the Disney Board and has served as its independent Lead Director since 2018.

“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,” said Iger in a statement.

The move will be historic for two reasons. First, Arnold is the first female to be elected as Chairman of the Board in the almost century-long history of The Walt Disney Company. Second, Iger won’t be holding a senior executive role somewhere in the company for the first time since 1996.

Arnold has an extensive background in public-company board experience, along with strong knowledge of brand management, marketing, finance, and executive and brand management. From 2013 to 2021, she was an operating executive of The Carlyle Group. She also served as President- Global Business Units of Procter & Gamble from 2007 to 2009. Arnold was a Director of the McDonald’s Corp. from 2008 to 2016, and Director of NBTY, Inc. from 2013 to 2017.

“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,” said Arnold in a statement.