The Walt Disney board of directors has named Susan E. Arnold incoming chairman, as the group prepares for the departure of Bob Iger at the close of the year, the company announced.

Arnold has served on the board for 14 years, including her tenure as independent Lead Director since 2018. In a statement, she pledged support for CEO Bob Chapek as he advances Disney's "century-long legacy of creative excellence and innovation".

Outgoing chairman Bob Iger, for his part, lauded Arnold for her "wealth of experience, unwaivering integrity and expert judgment" since she joined the board in 2007.

"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," Iger said. "It has been a distinct honour 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."

For Arnold, Iger 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".