As a lifelong Disney enthusiast and someone who has witnessed numerous changes in the company’s leadership throughout the years, I must say that the appointment of James Gorman as the new chairman of The Walt Disney Co.’s board of directors feels like another exciting chapter in this magical saga.
Disney is making changes within its executive team, with James Gorman, a previous CEO of Morgan Stanley, expected to assume the role of Chairman of the Board of Directors in early 20XX.
Gorman succeeds Nike executive chairman Mark Parker, who will exit the board after nine years.
Beginning in August, Gorman assumed leadership of Disney’s succession planning committee, whose role is to identify a replacement for CEO Bob Iger. In a statement released on Monday, the executive emphasized that selecting the next CEO is of utmost importance, with Disney aiming to make this decision by early 2026. This timeline provides the chosen individual with an adequate period to learn from Iger before his contract concludes at the end of that year.
It’s crucial that we select a new CEO soon, which we plan to announce at the start of 2026. This timing is due to the advancements being made by our Succession Planning Committee and the Board, and it provides enough time for a smooth transition before Bob Iger’s contract ends in December 2026,” Gorman stated.
At the close of this year, Parker is set to relinquish his position, and Gorman will assume his duties starting from January 2nd. As per a recent SEC disclosure, it was announced that Parker tendered his resignation to the board on Friday.
James Gorman, a highly respected figure, has made a significant impact on the Disney Board since joining recently, and I am thrilled that he has accepted to take over as Chairman when I step down. With his wealth of knowledge, James is skillfully navigating the extensive search for a new CEO, which remains a key focus for the Board. As I prepare to step away from the Board to concentrate on other aspects of my work, I am proud of Disney’s resurgence and look forward to the company’s future. I would like to express my gratitude to my fellow board members, Bob Iger and his exceptional leadership team for their ongoing strong guidance and commitment,” said Parker in a statement.
The Disney Board has greatly profited from James Gorman’s knowledge and direction, and we are fortunate to have him as our future Chairman, especially during the ongoing succession process,” Iger stated. “I am deeply appreciative of Mark Parker for his extended service on the Board and his leadership, which have been invaluable to this company, its investors, and me personally as CEO.
After a challenging year marked by a contentious proxy battle with activist investor Nelson Peltz, Parker eventually departed from Disney’s board of directors. During the spring months, the company found itself entangled in this struggle for control, diverting valuable resources and attention away from their regular board duties.
During the summer, Safra Catz, Oracle’s CEO, stepped down from the board, aiming to prevent any potential conflicts of interest when Larry Ellison, Oracle’s founder, assumes leadership at Paramount next year.
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2024-10-21 15:55