DisneydirectorJames 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 Stanleys 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.
Disney board member James GormanSaul Loeb/AFP via Getty Images
Named to Disneys board in February, Gorman is one four directors looking closely at succession, a critical issue for the company.
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CEOBob Igers 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.
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Its 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 Peltzs bid for two board seats failed earlier this year,succession was one of the billionaires most potent argumentsin 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 Disneys board), General Motors CEO Mary Barra and Calvin McDonald, CEO of Lululemon.
Announcing Gormans appointment last fall in the midst of a bitter proxy fight with Peltz, Disney called him a deeply respected leader at one of the worlds preeminent global financial institutions.
He joined along with another director, former Sky CEO Jeremy 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 Igers replacement has so far touched on internal candidates led by co-chiefDana Walden, Parks boss Josh DAmaro and ESPN/sports head Jimmy Pitaro.
