Disney Prepares to Replace Bob Iger with New CEO

(DailyVantage.com) – The Walt Disney Company announced in August that it had selected Morgan Stanley executive chairman James Gorman to chair the committee tasked with finding Disney’s next chief executive officer.

Gorman, a member of Disney’s board of directors since earlier this year, previously chaired a similar selection and vetting process at Morgan Stanley, according to the Walt Disney Company.

Mark Parker, Disney’s chairman of the board, said that the succession process was the board’s “top priority” and that he was “eager” to collaborate with Gorman in identifying and preparing the entertainment giant’s next CEO.

Disney’s current CEO Bob Iger returned from retirement to the company two years ago after Bob Chapek, his hand-picked replacement, was removed after less than three years.

The board extended Iger’s retirement four times after he returned. Last year, he agreed to remain as Disney’s chief until 2026, during which he would focus on growing the company and finding a new long-term replacement.

The succession committee also includes Board Chairman Mark Parker, General Motors CEO Mary Barra, and Calvin McDonald, the CEO of Lululemon.

Gorman served as Morgan Stanley’s CEO for ten years from 2010 to 2020. He will remain executive chairman of the financial firm until December.

The search for a new CEO became a point of contention during Disney investor Nelson Peltz’s months-long proxy campaign which ended earlier this year. Disney shareholders made it clear that the media and entertainment company must successfully find a new chief executive this time around.

So far this fiscal year, the succession committee has met six times and has reviewed with the Disney board external and internal candidates for CEO, the company said.

Bob Iger has been mentoring internal candidates, who as part of their preparation process, have received external coaching and have interacted with all of the board directors, Disney said.

Possible internal candidates include Disney Entertainment’s two co-chairs Dana Welden and Alan Berman; the chair of Parks, Products, and Experiences, Josh D’Amaro; and the head of ESPN, James Pitaro.