In November of 2022, Bob Iger returned as CEO, replacing Bob Chapek after just 11 months of being away from Disney. At the time, it was said that Bob Iger would only be in the role for a limited amount of time. Now, Disney is officially starting the hunt for a new CEO.
To find the new CEO, Disney has hired James P. Gorman to oversee the search. Recently, Gorman oversaw the succession process at Morgan Stanley.
“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.”
Gorman will lead a committee that will include Disney’s directors Mary T. Barra and Calvin R. McDonald. All members of this new committee to find someone to replace the Disney CEO have direct experience in CEO and senior leadership succession planning for Fortune 500 companies.
Here is how Disney describes how it has started to hunt for a new CEO:
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.