Morgan Stanley Executive Chairman James Gorman has been appointed to lead Disney’s search for a successor to Bob Iger, who returned to Disney in 2022 after tumultuous times following his chosen replacement, Bob Chapek. Iger, who was at the helm of Disney for 15 successful years before retiring in 2020, faced clashes and financial challenges during the transition to Chapek.
Despite some successes under Iger’s leadership, Disney has encountered difficulties in restoring stability to its parks division. The company has noted a decrease in demand at its Experiences division, home to six global theme parks, with expectations that this trend may persist in the coming quarters. Nevertheless, Disney’s shares experienced a slight increase before the trading day began on Thursday.
To aid in finding a new chief executive for Disney, Iger agreed to return on a two-year contract initially, with an extension until the end of 2026 secured in July 2023. Gorman, who recently joined Disney’s board and previously led succession planning at Morgan Stanley, will now head the succession planning committee at Disney. Other members on the committee include Mary Barra and Calvin McDonald, alongside chairman Mark Parker.
The succession planning committee at Disney, established in January 2023, has met six times in fiscal 2024 to assess potential internal and external candidates. Internal candidates are undergoing a thorough preparation program, including mentorship from Iger, external coaching, and engaging with all board members to ensure a smooth leadership transition at the entertainment giant.
