Disney Appoints James Gorman to Lead CEO Search
- Disney appoints Morgan Stanley's James Gorman to lead the search for the next CEO.
- James Gorman, executive chairman of Morgan Stanley, to chair Disney's succession planning committee.
- The committee looks for the next chief executive officer to lead Disney.
Walt Disney has appointed James Gorman, a board member and executive chairman of Morgan Stanley, to chair its succession planning committee as the company seeks its next chief executive officer. This move comes after Disney successfully navigated a prolonged proxy battle with activist investor Nelson Peltz, who criticized the company's performance in the streaming era and its succession strategies. The board has repeatedly extended current CEO Bob Iger's retirement, reflecting ongoing challenges in leadership transition. Iger, who served as CEO from 2005 to 2020 and returned to the role in 2022, has indicated he will step down when his contract ends in 2026. Gorman, who joined Disney's board this year, has experience overseeing succession processes at Morgan Stanley, where he served as CEO from 2010 to 2023. His leadership is expected to bring a fresh perspective to Disney's search for a new CEO. Mark Parker, Disney's chairman, emphasized that succession planning is a top priority for the board. The committee is currently evaluating both internal and external candidates for the CEO position. Notably, Mary Barra, CEO of General Motors, and Calvin McDonald, CEO of Lululemon Athletica, will continue to serve on the committee, which has convened six times in fiscal 2024. The board has made it a point to discuss the CEO search at all of its regular meetings this year, underscoring the urgency and importance of finding a suitable successor for Iger as Disney navigates a rapidly changing media landscape.