Walt Disney Co.’s DIS, +0.81% board of directors on Wednesday announced it has elected independent director Mark Parker as chairman. Parker, a seven-year member of Disney’s board and executive chairman of Nike Inc. NKE, +1.67%, will succeed Susan Arnold, who fulfilled a 15-year term limit on the board. As a result, the size of the board will be reduced to 11 members. Meanwhile, investment fund Trian Fund Management has nominated founder Nelson Peltz for election as a Disney director in what amounts to a proxy fight for a seat on Disney’s board. Trian, which owns about 9.4 million shares, has been critical of Disney’s succession planning, compensation and direct-to-consumer strategy. Disney said it opposes the nomination. Disney’s shares were up 1.6% in extended trading Wednesday.
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