Walt Disney announced on Wednesday that board member and Morgan Stanley executive chairman James Gorman will be chairing its succession planning committee. The committee is responsible for finding a replacement for longtime CEO Bob Iger. Earlier this year, Disney successfully defended against activist investor Nelson Peltz’s criticisms of underperformance in the streaming-television era and the company’s succession planning. Iger’s retirement date has been extended five times by the board, with him returning from an intended retirement in 2022 to replace his hand-picked successor Bob Chapek.
Last year, Iger, who was CEO from 2005 to 2020 before being reappointed in 2022, announced that he would extend his stay through 2026 and would definitely step down when his contract ends. Gorman, who joined Disney as a director this year, oversaw the recent succession process at Morgan Stanley, where he served as CEO from 2010 to 2023. He will be relinquishing his role as executive chairman at Disney in December.
“Succession planning is a top priority of the Board,” Disney Chairman Mark Parker said. The company is currently reviewing internal and external candidates for the CEO position. The company also announced that Mary Barra, CEO of General Motors, and Calvin McDonald, CEO of Lululemon Athletica, will remain on the succession planning committee. The committee has already met six times in fiscal 2024. Additionally, Disney confirmed that the search for the next CEO has been a topic of discussion at all of its regularly scheduled meetings this year