Disney Names John Pepper As Chairman
Disney Names Former Procter & Gamble CEO John Pepper, Jr. to Succeed Sen. Mitchell As Chairman
BURBANK, Calif. (AP) -- Walt Disney Co. said Wednesday it named independent director and former Procter & Gamble chairman and CEO, John E. Pepper, Jr., as non-executive chairman to succeed Senator George J. Mitchell, who has served as Disney chairman since March 2004.
Pepper, 67, will assume the post effective Jan. 1.
Last December, Disney's board requested that Mitchell, 72, postpone his planned retirement and stand for re-election to facilitate an orderly succession process. Mitchell will now step down and retire from the board effective Dec. 31.
Pepper was named chairman and chief executive officer of Procter & Gamble in 1995 and retired from the company in 2002, after 38 years of service. 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. He also is a director of Boston Scientific Corp. and of Population Services International, and serves on the executive committee of the Cincinnati Youth Collaborative.
Shares of Disney slipped 3 cents to close earlier at $29.38 on the New York Stock Exchange.