Disney names Gorman to chair its succession planning committee
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Morgan Stanley Executive Chairman James Gorman will lead Disney’s search for a successor to Bob Iger, two years after the company’s longtime leader came out of retirement following a rocky transition to his hand-picked replacement.
Morgan Stanley Executive Chairman James Gorman will lead Disney’s search for a successor to Bob Iger, two years after the company’s longtime leader came out of retirement following a rocky transition to his hand-picked replacement.
Iger returned in 2022 after a period of clashes, missteps and a weakening financial performance at Disney under his chosen successor, Bob Chapek.
Iger was Disney’s public face for 15 years, compiling a string of victories lauded in the entertainment industry and by Disney fans, before he retired in 2020.
Shares of Walt Disney Co. rose slightly before the opening bell Thursday.
On his return, Iger initially agreed to a two year contract in order to redirect Disney’s trajectory and help find a new chief executive. But in July 2023 Iger agreed to a two-year contract extension that will keep him at Disney through the end of 2026.
There have been some notable successes under Iger since his return, including the first profit for the Disney's streaming service. Yet Disney has struggled to bring stability back to its parks division. The company cautioned this month that it has seen some moderation in demand at its Experiences division that includes six global theme parks, and that the trend may linger for the next few quarters.
Gorman, who joined Disney's board earlier this year, has previous succession planning experience, as he oversaw the process at Morgan Stanley. Gorman currently serves as Morgan Stanley's executive chairman after several years as its chairman and CEO.
