What's happened
Walt Disney has appointed James Gorman, Morgan Stanley's executive chairman, to lead the search for a successor to CEO Bob Iger. This follows Iger's tumultuous return to the role in 2022 after the ousting of his predecessor, Bob Chapek. The succession planning committee is evaluating both internal and external candidates.
Why it matters
What the papers say
According to The Independent, James Gorman's leadership in the succession planning committee is seen as a strategic move by Disney's board, which has faced criticism over its previous succession planning. The Japan Times highlights Gorman's experience at Morgan Stanley, emphasizing the importance of a structured approach to leadership transitions. The NY Post notes that Disney's board has extended Iger's tenure multiple times, indicating the complexities involved in finding a suitable successor. This sentiment is echoed in the New York Times, which discusses the challenges Disney has faced in its film division and the need for strong leadership moving forward.
How we got here
Bob Iger returned as Disney's CEO in November 2022 after a rocky transition from his chosen successor, Bob Chapek. Iger's contract was extended in July 2023, and he is now tasked with finding a new CEO while stabilizing the company amid financial challenges.
Common question
More on these topics
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The Walt Disney Company, commonly known as Disney, is an American diversified multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California.
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James Patrick Gorman AO is an Australian-American financier who is the chairman and chief executive officer of Morgan Stanley. He was formerly Co-President and Co-Head of Strategic Planning at the firm.