NEWS: Disney Shares BIG Update About Search to Find Bob Iger Successor

The Walt Disney Company just took a major step forward in finding Bob Iger’s successor.

Bob Iger became CEO of The Walt Disney Company in 2005 and stepped down in 2021 with the intent to retire. However, his retirement didn’t last long as Iger was called upon in 2022 to replace new CEO Bob Chapek. At the time, Iger signed a two-year deal that was meant to fix the company’s short-term trajectory. However, in 2023, that contract was extended and now Iger is slated to be Disney’s CEO until December 31st, 2026. With a little over two years left on his deal, The Walt Disney Company just announced a big step in the succession process.

Per an official Disney release on August 21st, 2024, Disney has selected a board member to chair its Succession Planning Committee.

According to the release, “The Walt Disney Company (NYSE: DIS) Board of Directors has named Board member James P. Gorman to chair its Succession Planning Committee.”

Gorman is still green on the Disney Board, having joined earlier this year, but is credited with overseeing “the recent succession process at Morgan Stanley, where he serves as Executive Chairman following several years as the firm’s Chairman and CEO.”

During the announcement, Chairman of the Board and former Succession Planning Committee Chair Mark G. Parker lauded Groman, saying, “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.”

Additionally, directors Mary T. Barra and Calvin R. McDonald will continue to serve on the Committee. It was also noted that all Committee members will have “direct experience in CEO and senior leadership succession planning for Fortune 500 companies.”

Gorman is Executive Chairman of Morgan Stanley but will cede his role in December of this year. He was previously the Morgan Stanley CEO from 2010 to 2023 and Chairman from 2012 to 2023.

Gorman also serves as a Director of the Council on Foreign Relations, is a member of the Business Council, and formerly served as a Director of the Federal Reserve Bank of New York and President of the Federal Advisory Council to the U.S. Federal Reserve Board.

In a statement, Gorman said, “I look forward to working alongside Mark and my other fellow Committee members in advising the Board as we continue to press forward expeditiously with this work.”

The Succession Planning Committee was officially formed in January 2023 as succession efforts were intensified and long-term goals were laid out for Disney’s future. Per Disney, the Committee’s succession planning process includes “evaluation of transition structures and organizational frameworks, and planning for potential impacts of succession decisions across the Company.”

In the release, Disney elaborated that the Committee has met six times to date in fiscal 2024 and has consistently engaged with the full Board regarding succession planning and decisions. Internal and external candidates are being considered and internal candidates have undergone and will continue to experience a preparation process that includes external coaching, engagement with Board directors, and mentorship from Iger.

We’ll continue to keep you posted on the search for Disney’s next CEO. In the meantime, continue to follow us here at AllEars for the latest Disney news, tips, updates, and more!

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