Walt Disney on Wednesday named Morgan Stanley board member and chief executive James Gorman to chair its succession planning committee, which is seeking a replacement for veteran CEO Bob Iger.
Disney won a months-long proxy war earlier this year with activist investor Nelson Peltz, who argued the company had underperformed in the streaming-TV era and criticized its succession planning.
Bob Iger prepares to retire
The board has extended Iger’s retirement date five times, including recalling him from an initial retirement in 2022 to replace his hand-picked successor, Bob Chapek.
Last year, Iger, who was CEO from 2005 to 2020 before his re-election in 2022, said he would extend his stay until 2026 and “definitely” step down when his contract ends.
Gorman has experience
Gorman joined Disney as a chairman this year and oversaw the recent succession process at Morgan Stanley. He served as CEO from 2010 until 2023 and will step down as Disney’s executive chairman in December.
“Succession planning is a top priority for the Board of Directors,” Disney Chairman Mark Parker said. The company said it was evaluating internal and external candidates for the CEO position.
Other members of the committee
The company also said that Mary Barra, CEO of General Motors, and Calvin McDonald, CEO of Lululemon Athletica, will continue to serve on the succession planning committee, which has met six times so far in fiscal year 2024.
Additionally, the board has discussed the search for the next CEO at all of its regularly scheduled meetings this year, Disney said.
(With contributions from Reuters)
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