Media and entertainment conglomerate Walt Disney has named board member and Morgan Stanley executive chairman James Gorman as head of its succession planning committee, which is seeking a replacement to longtime CEO Bob Iger, Reuters reported.
Gorman was named chair of the committee on August 21, it added.
The development comes as the MNC won a long fought proxy war with activist and investor Nelson Peltz, who criticised the succession planning and posited that Disney’s performance in the streaming-television sector was poor, the report said.
Bob Iger Due For Retirement
Notably, Disney’s board has repeatedly extended Iger‘s retirement date. He was the company’s CEO from 2005-2020, before taking over again in 2022.
The roll backs have been done as many as five times, including pausing his initial retirement in 2022 after hand-picked successor Bob Chapek‘s appointment fell through.
In 2023, Iger said he would extend his stay through 2026 and “definitely” step down when his contract ends, the report added.
Gorman Has Experience
Gorman, who joined as a Disney director just this year, also oversaw the recent succession process at Morgan Stanley. He was CEO at the investment bank from 2010-2023 and has announced that would also move on from his role as executive chairman at Disney in December 2024, the report said.
“Succession planning is a top priority of the Board,” said Mark Parker, Chairman at Disney. The company said it was reviewing internal and external candidates for the CEO position.
Other Members on Committee
The company also said Mary Barra, CEO of General Motors and Calvin McDonald, CEO of Lululemon Athletica will continue to serve on the succession planning committee. The panel has met six times so far this year, it added.
In addition, the board has discussed the search for the next CEO at all of its regularly scheduled meetings this year, Disney said.
(With inputs from Reuters)
