The Walt Disney Company has named former Morgan Stanley CEO James Gorman as its next chairman of the board and aims to select a successor to CEO Bob Iger by early 2026. said.
Disney said finding a CEO to replace Iger is a “top priority” for Gorman, who joined the board earlier this year and currently chairs the succession committee. The company announced in a statement Monday that Gorman will become chairman, effective January 2, replacing former Nike CEO Mark Parker.
The Mouse House's original goal was for Disney to select Iger's successor in 2025, but the company reportedly pushed back the date to conduct due diligence in vetting candidates. It has been decided that.
Mr. Gorman, who won widespread praise for his succession management at Morgan Stanley, joined Disney's board less than a year ago and was elected chairman of its succession planning committee in August. He will step down as Morgan Stanley's executive chairman on December 31st.
Morgan Stanley has seen an orderly transition from Gorman to current president Ted Pick. The company's stock price has increased nearly 30% since the beginning of the year.
“The Disney board has benefited greatly from the expertise and guidance of James Gorman, and we are thrilled to have him as our next chairman, especially as the board continues to navigate the succession process,” Iger said in a statement. I’m lucky to be able to do it.”
Disney's history with Mr. Iger's succession plan has been chaotic at best. The longtime CEO reportedly named at least three executive candidates to replace him, but ended up extending his own contract. Finally, he appointed Bob Chapek in early 2020, just before the coronavirus pandemic began.
Chapek's tenure was reportedly marred by brutal corporate infighting, much of which was attributed to Iger's efforts to undermine him. He was terminated by Disney's board of directors in November 2022.
Parker, who is also executive chairman of clothing giant Nike, will step down after a nine-year term on the board “to focus on other areas of work,” Disney said in a statement.
He is expected to spend more time on matters related to Nike, which recently named Elliott Hill to replace John Donahoe as CEO.
“I am extremely grateful to Mark Parker for his many years of service and leadership on the board, which has been invaluable to this company, its shareholders, and to me as CEO,” said Iger. .
Disney said its board of directors will discuss succession planning at each of its regularly scheduled meetings in fiscal year 2024 and continues to consider internal and external candidates.
At the top of the list of internal candidates is Dana Walden, co-chairman of Disney Entertainment. He is a creative television executive in Mr. Iger's mold, with a history of commercial and critical success and strong talent relationships.
Others include Josh D'Amaro, chairman of Disney Experience (an Iger-like charismatic executive whose portfolio includes theme parks, the company's most important source of revenue); That includes ESPN Chairman Jimmy Pitaro, a likeable executive who is guiding the network's digital transition.
Disney Entertainment Co-Chairman Alan Bergman, a Disney veteran who oversees film production and distribution, is also a possible candidate.
with post wire
