In a nod to Disney’s commitment to smooth transitions and future leadership, the company has appointed James Gorman, a respected board member and Morgan Stanley’s executive chairman, to take the helm of its succession planning committee. Gorman’s task? Find a worthy successor to Disney’s legendary CEO, Bob Iger.
This move follows a tumultuous proxy battle earlier this year with activist investor Nelson Peltz, who criticized Disney’s performance in the streaming era and expressed concerns about its succession planning. These tensions prompted Disney’s board to stretch Iger’s retirement deadline multiple times, including a notable return from retirement in 2022 to replace Bob Chapek.
Iger, who initially led Disney from 2005 to 2020 and returned in 2022, has now committed to staying through 2026, promising to step down when his contract concludes. Gorman, who has been instrumental in Morgan Stanley’s succession processes, brings valuable experience and insight to Disney’s crucial planning.
Disney’s board is casting a wide net for Iger’s potential successors, considering both internal and external candidates. Helping in this critical search are Mary Barra, CEO of General Motors, and Calvin McDonald, CEO of Lululemon Athletica. The committee has already convened six times this fiscal year.
Disney Chairman Mark Parker emphasized the importance of this priority for the board, underscoring the strategic importance of selecting the right leader to navigate Disney’s future. This ongoing and rigorous search is a focal point in all of Disney’s board meetings, ensuring that the company’s leadership remains as magical and robust as ever.
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Source: Reuters
