Walt Disney Co. has named James Gorman, the former CEO of Morgan Stanley, to head the committee responsible for identifying a successor to current CEO Bob Iger. Gorman, who joined Disney’s board earlier this year, is recognized for his successful succession planning at Morgan Stanley, where he currently serves as executive chairman.
Disney’s CEO succession has been a challenging process. Iger returned as CEO in November 2022 after the departure of his chosen successor, Bob Chapek, initially for a two-year term. However, the company has since extended Iger’s contract. During his previous tenure, Iger and the Disney board negotiated several extensions over 15 years.
Since Iger’s return, Disney has implemented a more structured succession planning process, including the formation of a special committee now chaired by Gorman. This committee has met six times in fiscal 2024, according to the company.
Gorman, known for his effective leadership transition at Morgan Stanley, will step down as chairman at the end of the year, concluding nearly two decades with the firm. Alongside Gorman, Disney Chairman Mark Parker, also the chairman of Nike Inc., General Motors CEO Mary Barra, and Lululemon Athletica CEO Calvin McDonald, are part of the succession committee.
Disney is considering both internal and external candidates to succeed Iger, whose second term as CEO extends through 2026. Internal contenders include TV chief Dana Walden, ESPN’s Jimmy Pitaro, theme parks head Josh D’Amaro, and Alan Bergman, who oversees the film business. Disney may also appoint a chief operating officer or president as a potential successor before Iger steps down.
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Internal candidates are undergoing a comprehensive preparation process, which includes mentorship from Iger, external coaching, and engagement with all board members.
Following the announcement, Disney’s shares remained relatively stable, closing at $90.72 in New York. The stock has shown little change for the year.
