Movies

Walt Disney Co. names a chair for CEO succession planning committee

BBG News

As a seasoned movie-goer with a penchant for behind-the-scenes drama, I must say, watching Disney’s succession planning unfold is like being in the front row of a Broadway show. The cast of characters, the suspense, the high stakes – it’s all too enticing to resist!

According to a statement made on Wednesday, James P. Gorman, an executive at Morgan Stanley, has been appointed to lead the committee in charge of selecting and evaluating potential future CEOs for The Walt Disney Company, as the current one moves on.

Gorman, who became a member of Disney’s board recently, brings past expertise in strategic leadership transitions, having presided over similar processes at Morgan Stanley. According to Disney’s announcement, he is currently the Executive Chairman at Morgan Stanley but plans to step down from this position by December.

According to Disney’s board chair, Mark Parker, succession planning is a crucial focus for the Board. He expressed his excitement about working alongside James on the Committee, as they move forward with the significant task of finding and grooming the future CEO of The Walt Disney Company.

Besides Gorman, the committee also comprises Parker, who has just concluded his term as chairman, Mary Barra, CEO of General Motors, and Calvin McDonald, CEO of Lululemon.

As a movie enthusiast, it’s clear that the Burbank media and entertainment company places great importance on succession planning. In 2022, I, Bob Iger, found myself rejoining the team after my chosen successor, Bob Chapek, was stepped down from his position following nearly three years at the helm. Recognizing the need for growth and a long-term vision, I agreed to stay on board for another two years, with the primary goal of identifying the right individual to lead this company into its future.

In the unsuccessful proxy battle led by activist investor Nelson Peltz earlier this year, succession planning emerged as a significant issue for Disney shareholders. It appears that investors expect Disney to make the right choice when selecting their CEO this time, emphasizing the importance of success in this decision.

Disney announced that the succession planning group convened on six occasions during the current financial year, examining potential internal and external contenders alongside the Board of Directors.

The company reported that internal candidates are being guided by Iger, receiving external guidance and meeting with every board member in the training phase. It was mentioned that Disney Entertainment Co-Chair Dana Walden, entertainment Co-Chair Alan Bergman, parks, products and experiences chair Josh D’Amaro, and ESPN head James Pitaro are all being considered as potential internal candidates for a successor role.

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2024-08-22 01:31

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