Bob Iger speaks at the Bloomberg Global Business Forum, Sept. 25, 2019, in New York. (AP Photo)
James Gorman, Executive Chairman of Morgan Stanley, has been appointed to lead Disney’s search for a new CEO, succeeding Bob Iger. This development comes two years after Iger returned from retirement to stabilize Disney following challenges with his chosen successor, Bob Chapek.
Iger, who was Disney’s CEO for 15 years and a prominent figure in the entertainment industry, retired in 2020. However, under Chapek, Disney faced several issues including internal conflicts and declining financial performance. Iger’s return in 2022 aimed to correct the course and find a new leader. Initially, he agreed to a two-year contract to steer the company and aid in the search for a successor. In July 2023, this contract was extended for another two years, keeping him with Disney until late 2026.
During Iger’s second stint, Disney saw some notable achievements, such as the first profit for its streaming service. Nonetheless, the company has struggled with stability in its theme park division. Recent reports indicate a slowdown in demand for Disney’s global theme parks, with expectations that this trend might continue in the coming quarters.
Gorman, who joined Disney's board earlier this year, brings valuable experience in succession planning from his time at Morgan Stanley. As Morgan Stanley’s Executive Chairman, he oversaw the firm’s own succession planning and will now apply this expertise to Disney. Mark Parker, Disney’s Chairman, praised Gorman’s leadership and strategic insight, emphasizing his suitability to chair the succession planning committee. Parker, who previously led the committee, will be joined by board members Mary Barra and Calvin McDonald in this effort.
The succession planning committee, established in January 2023, has met six times so far this fiscal year. It is reviewing both internal and external candidates for the CEO role. Internal candidates are undergoing a thorough preparation process that includes mentorship from Iger, external coaching, and interactions with all board members.
