Disney Brings James Gorman from Morgan Stanley to Replace Bob Iger as CEO

Disney’s board has appointed James Gorman, the Executive Chairman of Morgan Stanley, to lead its succession planning committee. The committee’s primary task is to identify a suitable successor for Bob Iger as CEO. Gorman, who joined Disney’s board earlier this year, is well-versed in succession processes, having recently guided Morgan Stanley through its own leadership transition.

According to the committee’s March 2024 letter to shareholders, the board is thoroughly evaluating both internal and external candidates. The company has stated that internal candidates are undergoing an intensive preparation process, which includes mentorship from Iger, external coaching, and interactions with all board members. Among the internal contenders are Disney Entertainment co-chairs Dana Walden and Alan Bergman, ESPN chairman Jimmy Pitaro, and Josh D’Amaro, head of Disney Parks, Experiences and Products.

Iger, who initially stepped down as Disney’s CEO in early 2020 but returned in November 2022 following Bob Chapek’s departure, has emphasized that finding a successor is a top priority. During a recent podcast interview with Kelly Ripa, he shared that succession planning is constantly on his mind, underscoring his desire to retire and leave the company in capable hands. He expressed confidence that the process will be completed in a timely manner.

Mark Parker, Disney’s Chairman and Executive Chairman of Nike, who previously chaired the succession committee, explained the decision to appoint Gorman. He highlighted Gorman’s reputation as a respected leader with extensive experience in succession planning and strategic thinking. Parker expressed eagerness to continue working closely with Gorman on this critical task.

Disney’s board, in its January 2023 update, emphasized that it had significantly ramped up its CEO succession planning efforts. Since then, the committee has convened six times during fiscal year 2024 to advance this vital process.

Gorman, in turn, affirmed his commitment to the role and his anticipation of working alongside Parker and the other committee members. He acknowledged the importance of moving forward quickly with the task at hand. Alongside Gorman and Parker, Disney Directors Mary Barra (CEO of General Motors) and Calvin McDonald (CEO of Lululemon Athletica) will continue their roles on the committee.

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