Disney‘s board named director James Gorman, executive chairman of Morgan Stanley, as chair of its succession planning committee to identify a CEO replacement to take over the reins from Bob Iger.
Gorman, who joined the Disney board earlier this year, oversaw the recent succession process at Morgan Stanley, where he had previously served as the firm’s CEO. As per the committee’s March 2024 letter to shareholders, the committee and the full board are “reviewing internal candidates and external candidates.”
According to Disney’s announcement, internal candidates are “going through a preparation process” that includes “mentorship” from Iger, as well as external coaching and engagement with all board directors. Internal CEO candidates the Disney board is said to be considering are its four division heads: Disney Entertainment co-chairs Dana Walden and Alan Bergman, ESPN chairman Jimmy Pitaro and Josh D’Amaro, head of Disney Parks, Experiences and Products.
Iger had previously stepped down as chief executive of Disney in early 2020, but returned as CEO in November 2022 following the ouster of Bob Chapek. Iger’s renewed Disney contract runs through the end of 2026.
In a podcast interview with Kelly Ripa released Wednesday, Iger reiterated that identifying Disney’s next CEO is a top priority. “I think it would be safe to assume that I think about [CEO succession] all the time,” Iger said. “It’s actually something that I’m obviously very focused on, not just because of the past, but because I’d like to retire again and I’d like to leave the company in great hands, and that is my intention and I’m now confident that not only will we do that, but we’ll do so on a timely basis that works for the company and hopefully works for me as well, but yes. It’s a huge priority.”
Mark Parker, Disney’s chairman and executive chairman of Nike, had previously served as the succession committee’s chair. “James is a highly respected leader, and we’ve asked him to serve as the new chair of the succession planning committee given his deep succession planning experience and long-term strategic mentality,” Parker said in a statement. “Succession planning is a top priority of the board, and I am eager to continue collaborating with James on the committee as we advance the important work we have already been doing to identify and prepare the next CEO of the Walt Disney Company.”
Gorman, in a statement provided by Disney, said, “I look forward to working alongside Mark and my other fellow committee members in advising the Board as we continue to press forward expeditiously with this work.” In addition to Gorman and Parker, Disney directors Mary Barra (chair and CEO of GM) and Calvin McDonald (CEO of Lululemon Athletica) will continue to serve on the succession planning committee.
In January 2023, according to Disney, its board “intensified and expanded” its approach to CEO succession planning through the formation of the succession planning committee, which has met six times in fiscal year 2024 to date.
Source Agencies
