The Walt Disney Company has announced the appointment of James P. Gorman as the new Chair of its Succession Planning Committee. Gorman, a Disney Board member since earlier this year and Executive Chairman of Morgan Stanley, brings extensive experience in leadership transitions, having recently overseen the succession process at Morgan Stanley, where he previously served as Chairman and CEO.
Mark Parker, Chairman of Disney's Board, commented on the appointment: "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. 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."
In addition to Gorman, the Succession Planning Committee includes directors Mary Barra and Calvin McDonald, both of whom bring significant experience in CEO and senior leadership succession planning for Fortune 500 companies. The Committee has been actively engaged in the process of identifying and preparing potential successors to Disney's current CEO, Bob Iger.
Background on Disney's Succession Planning
The formation of the Succession Planning Committee in January 2023 marked a significant step in Disney's approach to CEO succession, a process that became increasingly critical after Bob Iger's return as CEO in late 2022. Iger, who originally stepped down as CEO in February 2020, returned to the role following the departure of his successor, Bob Chapek, amid a period of strategic challenges and leadership turbulence within the company.
Iger's return was seen as a stabilizing move for Disney, a company he had successfully led for 15 years, during which he oversaw the acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox, significantly expanding Disney's content portfolio. However, his return also came with the clear objective of setting the stage for a more permanent leadership transition.
Since his return, Iger has made it clear that his tenure is temporary, with a primary focus on guiding the company through a smooth succession process. The Succession Planning Committee, under the guidance of the Board, has been working to evaluate both internal and external candidates for the CEO role.
James Gorman's Leadership Experience
James Gorman's appointment as Chair of the Succession Planning Committee is a strategic choice given his extensive experience in leadership transitions. Gorman, who will be stepping down as Executive Chairman of Morgan Stanley in December 2024, served as the company's CEO from 2010 to 2023 and as Chairman from 2012 to 2023. His leadership was pivotal in navigating Morgan Stanley through periods of significant change and growth.
Before his tenure at Morgan Stanley, Gorman held executive roles at Merrill Lynch and was a senior partner at McKinsey & Co. His deep understanding of corporate strategy and governance, combined with his recent experience in succession planning at Morgan Stanley, positions him well to lead Disney's efforts in identifying and preparing its next CEO.
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