Bob Iger's Successor Search: James Gorman Appointed Chair of Disney's Succession Planning Committee

Aug 22, 2024 in "The Walt Disney Company"

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Walt Disney Company headquarters in Burbank, California

Posted: Thursday August 22, 2024 7:20am ET by WDWMAGIC Staff

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.

Walt Disney Company headquarters in Burbank, California

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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BrianLo13 days ago

Not at all. Comcast wanted Fox and Disney wanted Sky. They both lost something, but Roberts only got the stinker and Dis was bid up unnecessarily. The only one who truly came out on top was Murdoch. Unless I’m misunderstanding you and you think Comcast didn’t want Fox?

Lilofan13 days ago

Not too shabby Iger and his wife bought the Angel soccer team for $250M.

monothingie13 days ago

You're incorrectly assuming that the Fox/Disney was not serious about pursuing the remainder of Sky. "Another source told CNBC that Comcast executives thought there was a decent chance Fox was simply bluffing and didn’t actually want Sky at all. But bidding £15.67 per share suggested Disney did, in fact, want Sky. Otherwise it would have bid much lower in Round 3, the source said." Fox/Disney wanted Sky. Yes they raised the price, but that's what a bidding war does. Unlike the Disney acquisition bidding war over Fox, Dis actually benefited from Comcast’s overpayment. Comcast has also already written down 8.6B, which is technically an admittance of having overpaid. Only the Indian sub arm of the Fox acquisition has yielded an impairment thus far for Dis and that was only 1.5B. I won’t lie that Brian Robert’s successfully intervened with probably a steal Iger had negotiated. Not probably, I know it was worth more than 54B since they’ve divested 35+ and Hulu is worth at least 8.9… but Roberts was the far bigger loser in the matter thus far… Hindsight and such makes it very easy to look back and tell people what they should have done almost a decade earlier.

Nevermore52513 days ago

Yeah the content spend for D+ is much better with what their current revenue is. They still have high SG&A costs for streaming.

BrianLo13 days ago

This is also incorrect. Sky’s value was bid up 14.75B by a back and forth between Fox, Comcast and Disney. The Fox acquisition was technically 18.9B bid up. The original Sky agreement was for Fox to acquire the remainder of the shares at £10.75 per share. When all was said and done Comcast had bid up to £17.72; and was buying the whole thing, it wasn’t already sitting on Fox’s portion since it lost the other bidding war. Unlike the Disney acquisition bidding war over Fox, Dis actually benefited from Comcast’s overpayment. Comcast has also already written down 8.6B, which is technically an admittance of having overpaid. Only the Indian sub arm of the Fox acquisition has yielded an impairment thus far for Dis and that was only 1.5B. I won’t lie that Brian Robert’s successfully intervened with probably a steal Iger had negotiated. Not probably, I know it was worth more than 52.4B since they’ve divested 35+ and Hulu is worth at least 8.9… but Roberts was the far bigger loser in the matter thus far…

flynnibus13 days ago

More significantly- they are delivering on the promised turnarounds - like reduced d+ spending and the return of the dividend. I assume the d+ margin is on track too (didn’t see news yet)

Nevermore52514 days ago

Last 4 Quarters of profit for the company overall was the best since 2018, so makes sense the dividend would see a bump for shareholders.

BrianLo14 days ago

I know this is a little old, but you didn’t get a response. These are the major divestures; Sky - 15 Fox Sports 10.6 YES - 3.5 Endemol - 2.2 Star - 3B Spinoff + 1.5B impairment These are the ones I can’t find numbers on; True(X), Fox Next, TeleColombia, FoxSports Mexico, A&E Europe, Argentinian FoxSports Penguins number may have been a tad generous in the assumption, but yours is too low. It’s at least 35B and change.

DCBaker14 days ago

https://forums.wdwmagic.com/threads/the-walt-disney-company-declares-cash-dividend-of-1-00-per-share.985207/

HauntedPirate23 days ago

Allegedly this money is earmarked for the futbol club he and Willow bought.

Magic Crush Drop23 days ago

Not being subtle at all.

Doberge23 days ago

The interview with Good Morning America where Bob is asked if he's more Pua or Hei Hei and he answers, "I'm not sure... I'm more Maui, right? Demigod." 😏

Robbiem24 days ago

He really is turning into the corporate villain from a 70s Disney movie, he needs to meet some children trying to save their home to teach him how to enjoy life. Maybe they give him Herbie as his corporate car?