Walt Disney has named Morgan Stanley executive chairman James Gorman to lead its succession planning committee, which is on the hunt for someone to replace two-time CEO Bob Iger.
Gorman joined Disney’s board of directors this year, on the heels of Morgan Stanley’s own search for its next CEO — a process Gorman, who served as the bank’s CEO from 2010 through 2023, led and completed in October.
Iger, Disney’s CEO from 2005 to 2020, picked the entertainment company’s chief of parks and resorts, Bob Chapek, to be his successor — only to spring from retirement and replace Chapek in 2022.
Disney has since extended Iger’s contract through 2026. At The New York Times DealBook Summit in November, Iger said he would “definitely” retire when that contract ends.
Unlike Disney’s 2020 succession, Morgan Stanley’s October transition of power appeared to go off without a hitch, with Ted Pick, previously chief of the division that oversees investment banking, ascending to CEO.
But, in a Wall Street anomaly, the two contenders Gorman passed over for the job, Andy Saperstein and Dan Simkowitz, have remained with Morgan Stanley — their presence in part encouraged by one-time $20 million bonuses and promotions for each.
Mark Parker, chairman of Disney’s board of directors, said Gorman was picked for “his deep succession planning experience and long-term strategic mentality.”
Gorman’s strategy at Morgan Stanley was punctuated by a focus on broadening the investment bank’s reach into wealth management, capped by acquisitions of E*Trade and Eaton Vance in 2020.
“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,” Parker said in a statement.
Disney’s special succession planning committee was formed in 2023 and has met six times to date in fiscal 2024. The committee is reviewing internal and external candidates, with internal candidates enduring a preparation process that includes external coaching, engagement with board directors and mentorship from Iger.
A spokesperson for Morgan Stanley did not respond to a request for comment on Gorman’s involvement in Disney’s CEO search.
Gorman became Morgan Stanley’s executive chair Jan. 1 and announced in May he would step down at the end of this year.
