The Walt Disney Firm board of administrators has named James P. Gorman as chairman of the board, efficient January 2, 2025. He’ll succeed Mark G. Parker, who’s departing the Disney board on January 2 after 9 years of service.
Gorman is government chairman of Morgan Stanley and, as beforehand introduced, might be stepping down from that position on December 31, 2024. He’s presently chair of the Disney board’s succession planning committee, which is working to determine and put together the following chief government officer of The Walt Disney Firm.
“James Gorman is an esteemed chief who has develop into a useful voice on the Disney Board since becoming a member of earlier this 12 months, and I’m extraordinarily happy that he has agreed to imagine the position of Chairman upon my departure. Drawing on his huge expertise, James is expertly guiding the intensive search course of for a brand new CEO, which stays a prime precedence for the Board,” mentioned Parker, who’s government chairman of NIKE, Inc. “As I put together to depart the Board to concentrate on different areas of my work, I’m pleased with Disney’s renewed place of power and excited for the corporate’s future, and I need to thank my fellow administrators, Bob Iger and his exemplary administration staff for his or her continued sturdy management and dedication.”
“The Disney Board has benefited tremendously from James Gorman’s experience and steerage, and we’re fortunate to have him as our subsequent Chairman – significantly because the Board continues to maneuver ahead with the succession course of,” Iger mentioned. “I’m extraordinarily grateful to Mark Parker for his a few years of Board service and management, which have been so precious to this firm and its shareholders, and to me as CEO.”
“I’m honoured and humbled to have the chance to function Disney’s Chairman at this vital second within the firm’s historical past,” Gorman mentioned. “Within the brief time I’ve had the chance to work with Mark, I’ve come to understand and deeply respect his genuine management, humility and intelligence. I do know all Administrators be a part of me in saying now we have been honored to serve with him because the Chairman of the Board.”
“A crucial precedence earlier than us is to nominate a brand new CEO, which we now count on to announce in early 2026. This timing displays the progress the Succession Planning Committee and the Board are making, and can permit ample time for a profitable transition earlier than the conclusion of Bob Iger’s contract in December 2026,” Gorman mentioned.
Beforehand, Gorman served as Morgan Stanley’s chief government officer from 2010 to 2023 and chairman from 2012 to 2023. He joined the agency in 2006 and was named co-president in 2007. Earlier than becoming a member of Morgan Stanley, Gorman held government positions at Merrill Lynch and was a senior associate at McKinsey & Co. He serves as a director of the council on overseas relations and is a member of the enterprise council. He previously served as a director of the Federal Reserve Financial institution of New York and president of the Federal Advisory Council to the U.S. Federal Reserve Board. Gorman has been a diirector of the corporate since 2024.
Written with the View : afaqs