Following today’s shareholder meeting, the Board of The Walt Disney Company elected Susan E. Arnold as independent Lead Director. Ms. Arnold, who has served on the Board since 2007, has been an operating executive of The Carlyle Group, an equity investment firm, since September 2013. She retired as President, Global Business Units of Procter & Gamble in 2009.

Arnold replaces Orin Smith who had been lead Independent Director since 2012. While not standing for reelection, Mr. Smith recently passed away. Smith is best known as the former CEO of Starbucks. “We all were saddened by the recent passing of Orin Smith, who had served as our Lead Director since 2012. A man of great integrity and kindness, Orin helped lead our company through a transformative era of growth, ensuring we’ll continue to entertain the world for generations to come, and he will be missed by all who knew him.”

As part of Disney’s corporate governance guidelines, the company names an lead Independent Director when Disney has the CEO and Chairman potions occupied by the same person.



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