Big news from the magical world of Disney! The company has named Morgan Stanley executive chairman James Gorman to lead its succession planning committee. Gorman, a recent addition to the Disney board, will be tasked with finding a replacement for the legendary Bob Iger, who has been a cornerstone of Disney leadership for many years.
Disney triumphed earlier this year against activist investor Nelson Peltz after a proxy battle, where Peltz challenged the company’s performance in the streaming era and its succession plans. Despite facing multiple retirements, Iger’s vast experience has seen him return to navigate Disney through changing times. From his initial CEO role in 2005 until 2020, and his brief return in 2022 following the departure of his successor, Bob Chapek, Iger’s influence has loomed large. Yet, he has made it clear that he plans to retire by the end of 2026 – indefinitely marking a new chapter for the company.
Gorman’s expertise in succession planning is not just theoretical; his recent leadership transition at Morgan Stanley is a testament to his capabilities. He will officially start his role as Disney’s executive chairman in December, a strategic choice given his successful tenure as Morgan Stanley’s CEO from 2010 to 2023.
Joining Gorman on the succession committee are two industry stalwarts: Mary Barra, CEO of General Motors, and Calvin McDonald, CEO of Lululemon Athletica. Disney’s board has met six times this fiscal year to discuss the CEO transition and continues to consider both internal and external candidates.
“Succession planning is a top priority of the Board,” affirmed Disney Chairman Mark Parker, underscoring the importance of this transition for Disney’s future.
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Source: Reuters
