Susan Arnold, a 14-year member of the The Walt Disney Company's board of directors, has been named as its newest chairman after outgoing chair Bob Iger leaves Disney at the end of the year.

She will begin her duty as the chairman of the board on December 31. 

Bob Iger released a statement on Wednesday saying, "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. She 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."

Susan Arnold has been holding the position of independent lead director of Disney since 2018. Apart from The Walt Disney Company, she has held executive positions at Procter Gamble, The Carlyle Group, McDonald's, and NBTY, Inc.

Arnold expressed her "deepest gratitude" to Iger who stepped down as CEO in February 202 and help the executive chairman role through the end of his contract, which will reportedly end on December 31.

She shared in a separate statement, "Bob has led Disney to amazing heights both creatively and financially, with his clear strategic vision for delivering high-quality branded storytelling, embracing cutting-edge technology, and expanding internationally, and he's left an indelible mark on The Walt Disney Company that will be felt for generations to come." She continued, "As I step into this new role as Chairman of the Board, I look forward 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."

Susan Arnold's appointment also marks the culmination of a decades-long career at Disney for Bob Iger. He first assumed and held an executive position at Disney in 1996, then was promoted to CEO in 2005. Susan Arnold's work as the newest chairman will focus on her plans in improving the streaming services and offerings of Disney, where Disney+ Subscribers growth was proved to be slow and and missed the expectatons of Wall Street.