Walt Disney on Wednesday named board member and Morgan Stanley executive chairman James Gorman as chairman of its succession planning committee, which is looking for the next CEO.
Disney won a month long proxy war with activist investor Nelson Peltz which argued that the company had underperformed in the streaming television era and criticized its succession planning.
The board has extended Iger’s retirement date five times, including pulling him back from an initial retirement in 2022 to replace his handpicked successor Bob Chapek.
Last year, Iger, who was CEO from 2005 to 2020 before his reappointment in 2022, said he would extend his stay to 2026 and “definitely” step down when his contract expires.
Gorman joined as a Disney director this year and oversaw the recent succession process at Morgan Stanley. He was its CEO from 2010 to 2023 and will step down from his role as executive chairman at Disney in December.
“Success planning is a top priority for the board,” said Chairman Mark Parker. The company said it is reviewing internal and external candidates for the CEO position.
The company also said General Motors CEO Mary Barra and Lululemon Athletica CEO Calvin McDonald will continue to serve on the succession planning committee, which has met six times so far in fiscal 2024.
In addition, the board has discussed the search for the next CEO at all of its regular meetings this year, Disney said.