Morgan Stanley Executive Chairman James Gorman is set to lead Disney’s quest for a successor to Bob Iger, who returned in 2022 after conflicts, missteps, and declining financial performance under his chosen successor, Bob Chapek.
Iger, who was the face of Disney for 15 years before retiring in 2020, initially agreed to a two-year contract upon his return to help Disney find a new CEO. He recently signed a contract extension that will keep him at the company until the end of 2026.
Despite some successes, such as the first profit for Disney’s streaming service, the company continues to face challenges, particularly in its parks division. Recent trends in demand may impact the company’s Experiences division in the coming quarters.
Gorman, who joined Disney’s board earlier this year, brings a wealth of experience in succession planning from his time at Morgan Stanley. His appointment as the chair of the succession planning committee is seen as a positive step by Disney Chairman Mark Parker.
In addition to Gorman and Parker, board members Mary Barra and Calvin McDonald will also be part of the succession planning committee. Disney has been actively considering both internal and external candidates for the CEO position.
The succession planning committee, formed in January 2023, has been meeting regularly to evaluate potential candidates. Internal candidates are undergoing a thorough preparation process with guidance from Iger and external coaching.
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