Disney Board appoints Gorman to oversee post-Iger leadership
The Walt Disney Company Board of Directors today has named Board member James P. Gorman to chair its Succession Planning Committee as Disney has faced increased pressure from investors and analysts to address the question of who will succeed current CEO Robert A. Iger.
Iger, who returned to the company in November 2022 after the board dumped Bob Chapek as CEO. Chapek replaced Iger and served as CEO from 2020 to 2022. After returning from the brief retirement, Iger agreed to stay as CEO through the end of Dec. 31, 2026. while the Board conducts a search for a permanent replacement.
“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,” said Mark G. Parker, Chairman of the Board.
Gorman, who joined the Disney Board earlier this year, oversaw the recent succession process at Morgan Stanley, where he serves as Executive Chairman following several years as the firm’s Chairman and CEO.
In addition to Gorman and Parker, directors Mary T. Barra and Calvin R. McDonald will continue to serve on the Committee. All members of the Committee have direct experience in CEO and senior leadership succession planning for Fortune 500 companies.
On the podcast, Let’s Talk Off Camera with Kelly Ripa, Iger said that he is “obsessed” with the succession search. “And actually the Board and I established when I returned that it would be among our biggest, if not our biggest priority,” Iger said.
“It’s actually something that I’m obviously very focused on, not just because of the past, but because I’d like to retire again. And I’d like to leave the company in great hands. And that is my intention.
“And I’m now confident that not only will we do that, but we’ll do so on a timely basis that works for the company and hopefully works for me as well. But yes, it’s a huge priority,” Iger said.
In January 2023, the Board intensified and expanded its approach to CEO succession planning through the formation of a special Succession Planning Committee to advise the Board and plan for a transition of leadership that aligns with the Company’s long-term strategic goals.
At the direction of the Board, the Committee and the full Board continue to undertake a deliberate succession planning process, including evaluation of transition structures and organizational frameworks, and planning for potential impacts of succession decisions across The Walt Disney Company.
The Committee has met six times to date in fiscal 2024, consistently engaging with the full Board on the substance of the decisions to be made. The Board has discussed succession planning at each of its regularly scheduled meetings in fiscal 2024. As detailed in the Committee’s March 2024 letter to shareholders, the Committee and Board are reviewing internal candidates and external candidates. Internal candidates are going through a preparation process that includes mentorship from Disney CEO Robert A. Iger, external coaching, and engagement with all Board directors.
