The Walt Disney Co. on Wednesday named James Gorman, a director and chairman of the board of Morgan Stanley, as chairman of the company’s succession planning committee that will select the company’s next CEO.
Disney won a months-long proxy fight against activist investor Nelson Peltz, who argued the company’s performance had fallen short of expectations in the streaming-TV era and criticized its succession plans.
The board has postponed Iger’s retirement date five times, including backing away from his original planned retirement in 2022 to be replaced by his hand-picked successor, Bob Chapek.
Iger, who served as CEO from 2005 to 2020 and is up for reappointment in 2022, extended his term until 2026 and said last year he would “certainly” step down when his contract expires.
Gorman joined Disney’s board of directors this year and oversaw the company’s recent succession search at Morgan Stanley, where he served as CEO from 2010 to 2023. He is set to step down as Disney’s chairman in December.
“Succession planning is a top priority for the board,” Chairman Mark Parker said. The company said it was considering both internal and external candidates for the CEO post.
The company also announced that General Motors CEO Mary Barra and Lululemon Athletica CEO Calvin McDonald will continue to serve on its succession planning committee, which has met six times so far in fiscal 2024.
Disney also said the board has discussed the selection of the next CEO at all of its regularly scheduled meetings this year.
