The Walt Disney Company has announced that James Gorman, the former CEO of Morgan Stanley, will be its next board chairman starting on January 2, 2025. You may remember the name because while Nelson Peltz was trying to get a board seat, CEO Bob Iger announced that Gorman and Jeremy Darrock from Sky would be added to the board in 2023. Gorman was also the board member who bought up a bunch of Walt Disney Company stock when the price tanked after the proxy battle failed. Now, he will be Chairman, replacing Mark Parker when he leaves at the end of the year.
Gorman is also in charge of the CEO succession committee, which he took charge of in August. Now he says that a new CEO will be named, with succession occurring in 2026 after Iger’s contract expires,
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026.”
Current chairman Mark Parker offered this statement,
“James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year, and I am extremely pleased that he has agreed to assume the role of Chairman upon my departure. Drawing on his vast experience, James is expertly guiding the extensive search process for a new CEO, which remains a top priority for the Board. As I prepare to leave the Board to focus on other areas of my work, I am proud of Disney’s renewed position of strength and excited for the company’s future, and I want to thank my fellow directors, Bob Iger and his exemplary management team for their continued strong leadership and dedication.”
Current CEO Bob Iger also gave a statement saying,
“The Disney Board has benefited tremendously from James Gorman’s expertise and guidance, and we are lucky to have him as our next Chairman – particularly as the Board continues to move forward with the succession process. I’m extremely grateful to Mark Parker for his many years of Board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”
The succession process has come under fire recently at the Walt Disney Company amidst reports of Iger not allowing his replacement and then his predecessor, Bob Chapek, the room to do his job. Reports have seemingly indicated that not only could Iger not let go of the position, but he tried to maintain control and even resorted to somewhat sabotaging Chapek.
When Bob Iger returned to the company in November 2022, he was supposed to find his replacement by 2024, but he instead got a contract extension giving him till the end of 2026 to train a new CEO.
Succession is a key issue with investors and Disney fans. Frankly Bob Iger needs to fully cut control with his departure and a new CEO. Gorman was added under Iger, so I’m hoping that we don’t have another Iger lackey running the board while Iger remains the Emperor to Gorman’s Darth Vader.
I have a bad feeling about some of this, as Mark Parker is the second Walt Disney Board member to depart in the last few months.
Previously, Safra Catz, the CEO of Oracle, resigned her seat in July after six years on the Walt Disney Board and just months after the proxy battle that denied Nelson Peltz or Jay Rasulo a Disney board seat.
It just seems like there is more going on with these departures and power shifts than meets the eye, especially as Iger brought Gorman in.
What do you think? Comment and let us know.
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