Walt Disney tasks Morgan Stanley's James Gorman to search for new CEO
James Gorman joined as a Disney director this year and oversaw the succession plan at Morgan Stanley
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Walt Disney has reportedly sought the help of Morgan Stanley executive chairman James Gorman to find a replacement for its longtime CEO Bob Iger.
The entertainment firm on Wednesday named its board members, Reuters news agency reported. The board has extended Iger's retirement date five times, including his reappointment in 2022.
Iger has been the CEO of Walt Disney from 2005-2022. Last year, he said he would extend his stay through 2026 and would step down after his contract ends.
Gorman joined as a Disney director this year and oversaw the succession plan at Morgan Stanley.
Disney's Chairman told Reuters that the succession plan is a top priority. The company said it was reviewing internal and external candidates for the CEO position.
According to Bloomberg news agency, apart from Gorman, Chairman Mark Parker, who oversaw a successful transition as CEO of Nike Inc., General Motors CEO Mary Barra, and Lululemon Athletica Inc. Calvin McDonald are other board members who are looking to Disney's succession.
Disney outlined its succession planning in regulatory filings. Last year, a committee was formed that met six times in fiscal 2023, reviewing the internal and external candidates and conducting interviews.
