(Bloomberg) -- Walt Disney Co. added a new member to its board as part of a standstill agreement with activist investor Dan Loeb.

Carolyn Everson, a former executive with Instacart and Facebook, will join the company’s board in November, according to a statement Friday.

As part of the agreement, Loeb’s Third Point LLC won’t seek to replace other board members, make shareholder proposals or acquire more than 2% of Disney shares until April 2024 or until she leaves. Everson, 50, also holds board seats at Coca-Cola Co. and Creative Artists Agency, according to Disney.

Loeb wrote a letter in August to Disney Chief Executive Officer Bob Chapek urging him to emphasize the company’s streaming TV business more and spin off its ESPN sports channel. Loeb later said he came to better understand the ESPN business and supported the company’s current growth plan, which includes keeping the sports network.

Disney shares were little changed in extended trading after the announcement. They lost 3.2% to $94.33 at the close of regular trading in New York.

©2022 Bloomberg L.P.