Disney‘s board named director James Gorman, government chairman of Morgan Stanley, as chair of its succession making plans committee to spot a CEO substitute to take over the reins from Bob Iger.
Gorman, who joined the Disney board previous this 12 months, oversaw the hot succession procedure at Morgan Stanley, the place he had in the past served because the company’s CEO. As in keeping with the committee’s March 2024 letter to shareholders, the committee and the whole board are “reviewing inside applicants and exterior applicants.”
Consistent with Disney’s announcement, inside applicants are “going thru a preparation procedure” that incorporates “mentorship” from Iger, in addition to exterior training and engagement with all board administrators. Interior CEO applicants the Disney board is alleged to be making an allowance for are its 4 department heads: Disney Leisure co-chairs Dana Walden and Alan Bergman, ESPN chairman Jimmy Pitaro and Josh D’Amaro, head of Disney Parks, Stories and Merchandise.
Iger had in the past stepped down as leader government of Disney in early 2020, however returned as CEO in November 2022 following the ouster of Bob Chapek. Iger’s renewed Disney contract runs in the course of the finish of 2026.
In a podcast interview with Kelly Ripa launched Wednesday, Iger reiterated that figuring out Disney’s subsequent CEO is a most sensible precedence. “I feel it could be protected to think that I take into accounts [CEO succession] at all times,” Iger stated. “It’s in truth one thing that I’m clearly very considering, now not simply as a result of the previous, however as a result of I’d love to retire once more and I’d like to go away the corporate in nice palms, and that’s my aim and I’m now assured that now not most effective do we do this, however we’ll accomplish that on a well timed foundation that works for the corporate and expectantly works for me as neatly, however sure. It’s an enormous precedence.”
Mark Parker, Disney’s chairman and government chairman of Nike, had in the past served because the succession committee’s chair. “James is a extremely revered chief, and we’ve requested him to function the brand new chair of the succession making plans committee given his deep succession making plans enjoy and long-term strategic mentality,” Parker stated in a remark. “Succession making plans is a most sensible precedence of the board, and I’m desperate to proceed taking part with James at the committee as we advance the essential paintings we’ve already been doing to spot and get ready the following CEO of the Walt Disney Corporate.”
Gorman, in a remark equipped through Disney, stated, “I stay up for operating along Mark and my different fellow committee individuals in advising the Board as we proceed to press ahead expeditiously with this paintings.” Along with Gorman and Parker, Disney administrators Mary Barra (chair and CEO of GM) and Calvin McDonald (CEO of Lululemon Athletica) will proceed to serve at the succession making plans committee.
In January 2023, consistent with Disney, its board “intensified and expanded” its technique to CEO succession making plans in the course of the formation of the succession making plans committee, which has met six occasions in fiscal 12 months 2024 thus far.
