Walt Disney Co. named James Gorman, former chief executive officer of Morgan Stanley, to lead the committee searching for a successor to CEO Bob Iger.
Gorman, who joined the entertainment company's board this year, oversaw succession at Morgan Stanley, where he continues to serve as executive chairman, Disney said in a statement Wednesday.
CEO succession at Disney has been tumultuous. Iger returned to the post in November 2022 for an initial period of two years after the ouster of his handpicked successor, Bob Chapek. The company has since extended his contract. In Iger's first tenure, he and the board negotiated several extensions over 15 years.
Since his return, Disney has adopted a more formal succession planning process, creating the special committee that Gorman now chairs. The committee has met six times in fiscal 2024, the company said.
Gorman defied deeply entrenched Wall Street norms with a bloodless handoff at Morgan Stanley, picking a successor from within the bank while persuading the losing candidates to stay. He will cede his role as Morgan Stanley chairman at the end of the year, capping a nearly two-decade run at the firm.
In addition to Gorman, Disney Chairman Mark Parker, who holds the same post at Nike Inc., is also serving on the succession committee, along with General Motors Co. CEO Mary Barra and Calvin McDonald, CEO of Lululemon Athletica Inc.
Disney is weighing both internal and external candidates to succeed Iger, whose second term as CEO runs through 2026.
Disney's four divisional heads — TV chief Dana Walden, ESPN's Jimmy Pitaro, theme-parks boss Josh D'Amaro and Alan Bergman, who heads the film business — are competing for the CEO role, Bloomberg has reported. As part of the process, Disney may appoint a No. 2 executive, such a chief operating officer or president, to serve for a time before Iger steps down.
Internal candidates are going through a preparation process that includes mentorship from Iger, external coaching and engagement with all board members.
Shares of Burbank, California-based Disney were little changed in extended trading after the announcement. They closed at $90.72 in New York and are also little changed for the year.
