Disney Names James Gorman Head of Succession Committee to Replace Iger

Disney‘s board named director James Gorman, executive chairman of Morgan Stanley, as chair of its succession planning committee to identify a CEO replacement to take the reins from Bob Iger.

Gorman, who joined the Disney board earlier this year, oversaw the recent succession process at Morgan Stanley, where he had previously served as the firm’s CEO.

According to Disney’s announcement, internal candidates are “going through a preparation process” that includes “mentorship” from Iger, as well as external coaching and engagement with all board directors.

Internal CEO candidates the Disney board is said to be considering are its four division heads: Disney Entertainment co-chairs Dana Walden and Alan Bergman, ESPN chairman Jimmy Pitaro and Josh D’Amaro, head of Disney Parks, Experiences and Products.

“James is a highly respected leader, and we’ve asked him to serve as the new Chair of the Succession Planning Committee given his deep succession planning experience and long-term strategic mentality,” said Mark Parker, Disney’s chairman and executive chairman of Nike, who previously served as the succession committee’s chair. “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.”

“I look forward to working alongside Mark and my other fellow Committee members in advising the Board as we continue to press forward expeditiously with this work,” Gorman said. In addition to Gorman and Parker, directors Mary Barra and Calvin McDonald will continue to serve on the succession planning committee.

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 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.