The Walt Disney Company's board of directors elected independent and former Procter & Gamble chairman and CEO John E. Pepper, Jr. on Wednesday to serve as non-executive chairman of the board, effective next January 1.
Pepper, a director on the current Disney board, will succeed former Sen. George J. Mitchell, who has served as chairman since March 2004.
Last December, the Disney Board of Directors asked Mitchell to postpone his planned retirement at this year's annual shareholders' meeting and stand for re-election to facilitate an orderly chairman succession process. With the selection of his successor as chairman now in place, Mitchell will step down as chairman and retire from the board on December 31.
"Since joining the Disney board, John has quickly immersed himself in our business and shared his broad and deep expertise in corporate management, global brand building and leadership development," said Disney president and CEO Robert Iger. "In John's leadership of the Board, Disney's shareholders will benefit from his notable record of success in leading and growing one of the world's largest consumer products companies. He is a man of great integrity, and we all look forward to working with him in his new role.
"I have had the distinct pleasure of working closely with Senator Mitchell for many years, both as a director and as chairman," added Iger. "He is an extraordinary leader with numerous and significant accomplishments both nationally and internationally. The Walt Disney Company has benefited greatly from George's wisdom and leadership, and I am deeply appreciative of having him as our chairman during my first year as CEO."
"During the past year, the board undertook a very thoughtful and deliberative approach to the chairman succession process," said Mitchell. "With the election of John as chairman, Disney will benefit from his outstanding leadership skills and unique experience in cultivating global brands. It has been a true privilege for me to serve the shareholders of Disney, and we will now begin a smooth transition with John."
"I am incredibly honored to be elected the next chairman of the world's preeminent entertainment company," commented Pepper.
"The board recognizes the trust investors have placed in us with respect to corporate governance and long-term shareholder value creation. I look forward to continuing my close collaboration with the directors and senior management as the company takes full advantage of the significant and exciting opportunities before us to grow and build our brands and businesses worldwide," he added.
Pepper, 67, was named chairman and CEO of Procter & Gamble in 1995. He retired from the company in 2002 after 38 years of service. In 2003, he retired as chairman of the executive committee of the Procter & Gamble board.
As CEO of Procter & Gamble, he helped lead the company's business in developing markets, particularly Eastern and Central Europe and China. From 2004 to 2006, he was vice-president for finance and administration at Yale University. Pepper currently serves as CEO of the National Underground Railroad Freedom Center.
Pepper began his career with Procter & Gamble in 1963, was named general manager of Procter & Gamble Italia in 1974, and was promoted to group vice-president in 1980. In 1984, Pepper was elected to the company's board of directors; he was named president in 1986.
He served as successor trustee of the Yale Corporation from 1995 to 2003, which included election by his peers to the post of senior fellow for his last two years.
Pepper is a director of Boston Scientific Corp. and PSI (Population Services International), and serves on the executive committee of the Cincinnati Youth Collaborative.
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