Disney Director, Succession Planner & Longtime Morgan Stanley Chief James Gorman To Exit As Investment Bank Chair After Smooth CEO Handover There
Disney board member James Gorman, former chairman and CEO of Morgan Stanley. Saul Loeb/AFP via Getty Images
Disney director James Gorman, who retired as CEO of Morgan Stanley in January after a smooth succession process, will also be stepping down as executive chairman of the financial giant.
One of the longest tenured top executives on Wall Street, Gorman told Morgan Stanley’s annual meeting of shareholders today that he plans to exit the role at year end. He was CEO for 18 years and segued to executive chair after his successor Ted Pick took the reins of the investment banking and financial services giant at the start of 2024.
Named to Disney’s board in February, Gorman is one four directors looking closely at succession, a critical issue for the company.
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CEO Bob Iger‘s latest contract expires at the end of 2026. He has said that succession is a top priority for himself and the board and would ideally require a transition period for him to work with the new chief executive.
It’s pretty universally believed — and Iger himself has basically admitted — that the last round of succession planning, which landed Bob Chapek atop Disney, was unsuccessful to say the least. While activist investor Nelson Peltz’ bid for two board seats failed earlier this year, succession was one of the billionaire’s most potent arguments in favor of change.
Candidates for the CEO role are being vetted by a special succession planning committee of Disney directors, which, along with Gorman, includes Nike executive chair Mark Parker (chairman of Disney’s board), General Motors CEO Mary Barra, and Calvin McDonald, CEO of Lululemon.
Announcing Gorman’s appointment last fall, in the midst of a bitter proxy fight with Peltz, Disney called him “a deeply respected leader at one of the world’s preeminent global financial institutions.” He joined with another director, former Sky CEOJeremy Darroch, which Disney said reflected a “commitment to a strong board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process, and increasing shareholder value.”
Speculation around Iger’s replacement has so far touched on internal candidates led by co-chief Dana Walden, parks’ boss Josh D’Amaro, and ESPN/sports head Jimmy Pitaro.