Walt Disney has appointed James Gorman, executive chairman of Morgan Stanley, to chair its succession planning committee.
The committee is tasked with finding a replacement for longtime CEO Bob Iger, who has extended his retirement date five times.
The move came after Disney won a proxy war with activist investor Nelson Peltz, who criticized the company’s succession planning and argued that it had underperformed in the streaming-television era.
“Succession planning is a top priority of the Board,” said Disney Chairman Mark Parker. The company is reviewing both internal and external candidates for the CEO position.
Gorman, who joined Disney’s board this year, oversaw the recent succession process at Morgan Stanley and served as its CEO from 2010 to 2023. He would cede his role as executive chairman at Disney in December.
Mary Barra, CEO of General Motors, and Calvin McDonald, CEO of Lululemon Athletica, would continue to serve on the succession planning committee, which has met six times so far in fiscal 2024.
The board has discussed the search for the next CEO at all of its regularly scheduled meetings this year, Disney said.
Iger, who has led the company since 2005 with a brief hiatus, has stated that he would “definitely” step down when his contract ends in 2026.
As the company navigates this critical transition, the appointment of Gorman to lead the succession planning committee signals a commitment to finding the right leader to drive Disney’s future success.
Boluwatife Enome
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