Walt Disney Co. names a chair for CEO succession planning committee
Morgan Stanley executive James P. Gorman will chair the succession planning committee tasked with finding and vetting Walt Disney Co.’s next chief executive, the company said Wednesday.
Gorman, who joined Disney’s board of directors earlier this year, has previous experience in succession planning and chaired the process at Morgan Stanley, Disney said in a statement. He currently serves as Morgan Stanley’s executive chairman, though he will leave that role in December.
“Succession planning is a top priority of the Board,” Disney board chairman Mark Parker said in a statement. “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.”
In addition to Gorman, the committee members include Parker, who most recently served as its chair, General Motors Chief Executive Mary Barra and Lululemon Chief Executive Calvin McDonald.
The Burbank company has a hangover from its big streaming push. The stock has struggled, investors are restive and its key studios have been stretched.
Succession planning is a key priority for the Burbank media and entertainment company. Current Chief Executive Bob Iger returned to run the company in 2022 after his hand-picked successor, Bob Chapek, was bounced from the role after nearly three years at the helm. Iger agreed to serve a two-year stint to focus on growth and to find the next long-term leader of the company.
Succession planning also became a sticking point in activist investor Nelson Peltz’s failed proxy campaign earlier this year against Disney. Shareholders have made it clear that Disney must be successful in its CEO selection this time around.
The succession planning committee has met six times this fiscal year and is reviewing both internal and external candidates with the board of directors, Disney said.
Internal candidates are being mentored by Iger, receiving external coaching and interacting with all board directors as part of the preparation process, the company said. Disney Entertainment Co-Chair Dana Walden, fellow entertainment Co-Chair Alan Bergman, parks, products and experiences chair Josh D’Amaro and ESPN boss James Pitaro are all seen as potential internal successors.
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