Disney names Nike executive Mark Parker as new chairman

Disney announced Mark Parker as the new chair of its board. The former Nike CEO takes over for Susan Arnold, whose term limit is expiring.

Disney says one of the reasons Parker is a good fit is because he navigated a successful CEO transition at Nike.

Bob Iger returned to Disney as Chief Executive last year in a surprise move.

“Mark Parker’s vision, incredible depth of experience and wise counsel have been invaluable to Disney, and I look forward to continuing working with him in his new role, along with our other directors, as we chart the future course for this amazing company,” said Iger in a statement.

Disney is in turmoil after its streaming business lost $1.5 Billion last quarter, and Disney’s media networks are struggling as cord cutting accelerates and once lucrative outlets like ESPN lose viewership.