(AP) — Morgan Stanley Chairman James Gorman will lead the search for a successor to Disney, two years after the company’s longtime leader, Bob Iger, came out of retirement to ease a difficult transition to his hand-picked successor.
Iger returned in 2022 after a period of conflict, missteps and declining performance at Disney under his handpicked successor, Bob Chapek.
Iger served as the face of Disney for 15 years before retiring in 2020, achieving numerous victories that earned him praise from the entertainment industry and Disney fans alike.
Shares of Walt Disney Co. rose slightly before the open of trading on Thursday.
Upon his return, Iger initially agreed to a two-year contract to help steer Disney and help select a new CEO, but in July 2023, he agreed to a two-year contract extension that would keep him at Disney through the end of 2026.
There have been some notable wins since Mr. Iger returned, including Disney’s streaming service turning a profit for the first time. But Disney has struggled to restore stability to its theme-park division. The company warned this month that demand for its experiences division, which includes its six theme parks around the world, has softened somewhat and that the trend could continue for the next few quarters.
Gorman, who joined Disney’s board earlier this year, has experience overseeing the succession-planning process at Morgan Stanley, where he currently serves as executive chairman after serving as chairman and CEO for several years.
“James is a highly respected leader and given his extensive succession planning experience and long-term strategic mind, we asked him to serve as the new chairman of our succession planning committee,” Disney Chairman Mark Parker, who most recently served as chairman of the committee, said in a statement.
In addition to Messrs. Gorman and Parker, board members Mary Barra and Calvin McDonald will continue to serve on the succession planning committee.
Disney established a succession planning committee in January 2023 and said the committee has met six times so far in fiscal 2024.
The committee, working with the company’s board of directors, is considering internal and external candidates. Disney said internal candidates would undergo a preparation process that included mentorship from Iger, external coaching and consultation with all directors.
