Disney will replace CEO Bob Iger in 2026, tapping Morgan Stanley's Gorman as chair
Item 1 of 2 Morgan Stanley CEO James Gorman attends the Reuters Next Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermid/File photo
Gorman will step down as Morgan Stanley's executive chairman at the end of 2024 and take a position at Disney in January. He served as CEO of the Wall Street bank for 14 years and is credited with transforming it into a wealth management powerhouse.
Gorman orchestrated a CEO succession plan in which Ted Peake took over the reins of Morgan Stanley, even as it retained two of Wall Street's rarest candidates, executives Andy Saperstein and Dan Simkowitz.
That experience will come in handy at Disney, which has been criticized by activist investor Nelson Peltz for mismanaging its legacy. In August, Gorman was named head of the committee charged with replacing Iger, who returned as the company's CEO in November 2022 to replace his hand-picked successor, Bob Chapek.
Iger, who is credited with building Disney's media empire, including high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, has had his retirement date extended five times.
He initially planned to stay two years after coming out of retirement, but agreed to extend his term through 2026. His contract ends in December 2026.
“An important priority ahead of us is the appointment of a new CEO, which we now expect to announce in early 2026,” Gorman said in a statement, adding that the timing would “allow sufficient time for a successful transition before the end of Bob Iger's contract.” 2026.”
Disney said its board has discussed the succession plan at each of its regularly scheduled meetings through fiscal 2024 and continues to review both internal and external candidates.
“The appointment of James Gorman ticks an awful lot of boxes and paves the way for a new CEO to bring fresh blood to the chairman role,” said AJ Bell analyst Danny Hewson.
“Bob Iger's comeback was always tentative, and he must have had to work hard to steer the entertainment juggernaut through some pretty rough waters. It makes sense that he will be able to place his successor at the top, giving him the opportunity to learn and influence those working with him,” Hewson said.
CEO candidate
Other insider candidates include Disney Experience chairman Josh D'Maro — an executive with Iger-like charisma whose portfolio includes the company's most significant revenue engine, its theme parks — and ESPN chairman Jimmy Pittaro, the favored executive who is leading the sports network's digital transition. .
Disney Entertainment co-chairman Alan Bergman, a Disney veteran who oversees the film studio that has released a pair of blockbuster films this year, is also in the running.
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Reporting by Deborah Sophia in Bengaluru; Edited by Shilpi Majumder, Anil D'Silva and Mark Porter
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