NEW YORK (CNNMoney.com) -- Walt Disney Co. Wednesday named ex-Procter & Gamble CEO and Disney director John Pepper as non-executive chairman, succeeding former Senator George Mitchell.

Pepper will assume the post on Jan. 1, 2007, Disney said in a statement.

"I look forward to continuing my close collaboration with the directors and senior management as the company takes full advantage of the significant and exciting opportunities before us to grow and build our brands and businesses worldwide," Pepper said in the statement.

The naming of Pepper brings to a close the last chapter of a long, turbulent succession at the top of one of the world's biggest media companies.

Mitchell was tapped to succeed former Michael Eisner as chairman in 2004, though Eisner held onto the CEO role until Robert Iger took the chief executive post last October.

"Disney will benefit from his outstanding leadership skills and unique experience in cultivating global brands," Mitchell said, regarding Pepper. "It has been a true privilege for me to serve the shareholders of Disney and we will now begin a smooth transition with John."

In addition to being former head of Procter & Gamble, Pepper serves on the board of Boston Scientific Corp. and is a member of the Executive Committee of the Cincinnati Youth Collaborative.