(Bloomberg) -- Walt Disney Co. named former Carlyle Group executive Susan Arnold as its chairman, replacing Bob Iger, who is nearing his previously announced departure from the company.

Arnold, 67, has been the lead independent director since 2018 and has served on Disney’s board since 2007. She’s also been a director at McDonald’s Corp. and NBTY Inc. 

Iger, 70, is wrapping up his decades-long career at Disney after theme-park leader Bob Chapek succeeded him as chief executive officer last year. The company is pouring its resources into streaming video under Chapek, attempting to captalize on the popularity of brands like Marvel and Star Wars that Iger acquired during his tenure.

Disney shares were little changed in late trading. They’ve sunk 22% this year as the growth of the streaming business plateaued and the ongoing pandemic reined in expectations for the return of parkgoers and movie audiences.

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