Disney just expanded its board — at least temporarily — to 12 members to bring on Nike CEO Mark Parker, who Fortune recently named its “Businessperson of the Year.”
The move maintains a formal Disney board connection to Nike: Disney director Orin Smith retired from the sportswear company’s board in September.
Disney CEO Bob Iger says that Parker will bring “keen insight into consumers” as well as “broad experience in international markets.”
The Nike chief started his career there in 1979 as a footwear designer. In his decade as CEO Nike shares have appreciated 449% vs about 52% for the benchmark Standard & Poor’s 500.
Disney disclosed in an SEC filing that Parker could not be deemed an independent director “at this time” because it had a recent screenwriting deal with his brother, Christopher. He was paid $350,000 over a two-year period that ended in March for work on a single, unnamed film. He could make more, though, if the film is produced, he receives screenwriting credit, and Disney makes derivative works. The terms are typical for the job, the company says.
Although the appointment brings the board to 12, it probably will go back to 11 after Disney’s annual shareholder meeting in March. Current director Monica Lozano was not re-nominated “pursuant to the tenure policy” in Disney’s governance guidelines, the company says in its proxy. The chair of U.S. Hispanic Media joined the Disney board in 2000.