The Walt Disney Company Board Names James P. Gorman as Succession Planning Committee Chair
August 21 2024 - 4:15PM
Business Wire
The Walt Disney Company (NYSE: DIS) Board of Directors has named
Board member James P. Gorman to chair its Succession Planning
Committee (the “Committee”), it was announced today by Mark G.
Parker, Chairman of the Board.
Gorman, who joined the Disney Board earlier this year, oversaw
the recent succession process at Morgan Stanley, where he serves as
Executive Chairman following several years as the firm’s Chairman
and CEO.
“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,” said Parker, who most recently served as the
Committee’s Chair. “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 and Parker, directors Mary T. Barra and
Calvin R. McDonald will continue to serve on the Committee. All
members of the Committee have direct experience in CEO and senior
leadership succession planning for Fortune 500 companies.
“I look forward to working alongside Mark and my other fellow
Committee members in advising the Board as we continue to press
forward expeditiously with this work,” Gorman said.
Succession Planning Committee Background, Process and
Progress to Date
In January 2023, the Board intensified and expanded its approach
to CEO succession planning through the formation of a special
Succession Planning Committee to advise the Board and plan for a
transition of leadership that aligns with the Company’s long-term
strategic goals. At the direction of the Board, the Committee and
the full Board continue to undertake a deliberate succession
planning process, including evaluation of transition structures and
organizational frameworks, and planning for potential impacts of
succession decisions across the Company. The Committee has met six
times to date in fiscal 2024, consistently engaging with the full
Board on the substance of the decisions to be made. The Board has
discussed succession planning at each of its regularly scheduled
meetings in fiscal 2024. As detailed in the Committee’s March 2024
letter to shareholders, the Committee and Board are reviewing
internal candidates and external candidates. Internal candidates
are going through a preparation process that includes mentorship
from Disney CEO Robert A. Iger, external coaching, and engagement
with all Board directors.
James P. Gorman Background
James P. Gorman is Executive Chairman of Morgan Stanley and has
announced that he will be ceding this role in December 2024.
Previously, Mr. Gorman served as Morgan Stanley’s Chief Executive
Officer from 2010 to 2023 and Chairman from 2012 to 2023. He joined
the firm in 2006 and was named Co-President in 2007. Before joining
Morgan Stanley, Mr. Gorman held executive positions at Merrill
Lynch and was a senior partner at McKinsey & Co. He serves as a
Director of the Council on Foreign Relations and is a member of the
Business Council. He formerly served as a Director of the Federal
Reserve Bank of New York and President of the Federal Advisory
Council to the U.S. Federal Reserve Board. Mr. Gorman has been a
Director of the Company since 2024.
About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and
affiliates, is a leading diversified international family
entertainment and media enterprise that includes three business
segments: Entertainment, Sports and Experiences. Disney is a Dow 30
company and had annual revenue of $88.9 billion in its Fiscal Year
2023.
Forward-Looking Statements
Certain statements and information in this earnings release may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, including
governance statements that are not historical in nature. Any
information that is not historical in nature included in this
release is subject to change. These statements are made on the
basis of views and assumptions regarding future events as of the
time the statements are made. The Company does not undertake any
obligation to update these statements. Actual results may differ
materially from those expressed or implied. Such differences may
result from actions taken by the Company, including business or
governance decisions, as well as from developments beyond the
Company’s control, including the factors set forth in the Company’s
Annual Report on Form 10-K for the year ended September 30, 2023
and subsequent filings with the Securities and Exchange
Commission.
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David Jefferson Corporate Communications
david.j.jefferson@disney.com (818) 560-4832
Mike Long Corporate Communications mike.p.long@disney.com (818)
560-4588
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