Disney picks former P&G chief Pepper as chairman
LOS ANGELES, June 28 (Reuters) - Walt Disney Co. on Wednesday said it had chosen former Procter & Gamble Chairman and Chief Executive John Pepper to serve as its nonexecutive chairman beginning in January.
The company's shares rose slightly in after-hours trade following the announcement.
Pepper will succeed former U.S. Senate Majority Leader George Mitchell, who has served as the media company's chairman since March 2004.
The selection of Pepper ends speculation that Apple Computer Inc. CEO Steve Jobs, who joined the Disney board this year and is the company's largest individual shareholder, would get the post.
Mitchell had agreed in December to stay on as board chairman until a successor was found, even though he had passed the company's mandatory retirement age of 72.
Pepper joined the Disney board on Jan. 1, along with former Starbucks Corp. president and CEO Orin Smith.
Pepper, 67, retired in 2002 from Procter & Gamble for the second time after returning to the consumer products giant as part of a management shake-up in 2000.