The Walt Disney Company Board of Directors has named James P. Gorman as the chair of its Succession Planning Committee. Gorman, who serves as the executive chairman of Morgan Stanley Wealth Management, will oversee the process of determining the next leader of The Walt Disney Company.
Bob Iger, the chief executive officer of The Walt Disney Company, recently stated in an interview with SiriusXM that he wants to retire again and leave the company in great hands. Iger worked as the chief executive officer of Disney for 15 years before leaving the role in 2020 and stepping away from the company in the next year. Yet Bob Chapek, who was selected to assume the role, did not last through his first year and was fired by the company in November 2022, leading to Iger’s return.
Iger’s contract was extended last year, and he will remain the head of The Walt Disney Company through 2026. Numerous reports have indicated that he wants to retire at the end of that deal, with Iger himself saying that he would “definitely step down” from the role after that time. Gorman joined the Disney Board earlier this year, and he was involved in overseeing the recent succession process that occurred at Morgan Stanley where he formerly worked as its chairman and chief executive officer. The announcement was made by Mark G. Parker, chairman of the Board of The Walt Disney Company.
“James is a highly respected leader, and we’ve asked him to serve as the new Chair of the Succession Planning Committee given his deep succession planning experience and long-term strategic mentality,” Parker said in a statement. “Succession planning is a top priority of the Board, and I am eager to continue collaborating with James on the Committee as we advance the important work we have already been doing to identify and prepare the next CEO of The Walt Disney Company.”
Along with Gorman and Parker, directors Mary T. Barra and Calvin R. McDonald will continue serving on the committee. All members of the committee have experience working in chief executive officer and senior leadership succession planning for Fortune 500 companies.
“I look forward to working alongside Mark and my other fellow Committee members in advising the Board as we continue to press forward expeditiously with this work,” Gorman said in a statement.
Within a letter to shareholders written earlier this year, the Succession Planning Committee and Board of Directors are reviewing internal and external candidates for the job. This committee has met six times to date in fiscal year 2024, which ends for the company on Tuesday, Oct. 1, and within all of the meetings have deliberated on succession planning. Internal candidates are taking part in a preparation process that consists of mentorship from Iger, external coaching and engagement with all Board directors. According to a report from Variety, the Board is considering ESPN chairman Jimmy Pitaro for the role, along with chairman of Disney Parks, Experiences and Products Josh D’Amaro and Disney Entertainment co-chairs Dana Walden and Alan Bergman.
