The Walt Disney Company has named Mark Parker, the executive chairman of Nike, its next chairman of the board, while also announcing it is opposing activist investor Nelson Peltz’s attempt to join the board.

Parker will succeed Susan Arnold, whose 15-year term limit comes to an end, following the company’s annual meeting of shareholders. Disney’s board will be reduced to 11 members following Arnold’s departure.

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Disney’s announcement comes nearly two months after Trian Fund Management took an approximately $800 million stake in the company and began seeking a board seat. Trian reportedly wants to make operational improvements and reduce costs, and it has expressed its opposition to Robert Iger’s reappointment as CEO.

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