Washington: For the first time in its 98-year history, Walt Disney has elected a woman as its Chairman.

Citing a statement issued by the Walt Disney on Wednesday, BBC reported Susan Arnold, who has been a Disney Board member for 14 years, will succeed Bob Iger at the end of this year.

Iger stepped down as Disney’s Chief Executive in 2020 after 15 years being in the role. He will be leaving the company by the end of December.

“As I step into this new role as Chairman of the Board, I look forward to continuing to serve the long-term interests of Disney’s shareholders and working closely with CEO Bob Chapek as he builds upon the company’s century-long legacy of creative excellence and innovation,” Arnold said in a statement.

For last eight years, Arnold had been an executive at Carlyle Group. Her appointment comes as large companies are moving away from management structures where the Chief Executive and Chairperson roles are held by the same person after pressure from corporate governance experts, investors and in some cases, regulators to separate the two key positions, BBC reported.