Connect with us

Hi, what are you looking for?

Latest News

Disney will name Bob Iger’s replacement in early 2026

Disney has tapped James Gorman to replace Mark Parker as the company’s next chairman, effective in January, as the media giant lays the groundwork to name a successor for CEO Bob Iger in early 2026, the company said Monday.

Gorman joined Disney’s board less than a year ago and was named the head of the succession planning committee in August. He will continue to lead that committee after he takes over as board chairman from Nike Executive Chairman Parker.

“The Disney board has benefited tremendously from James Gorman’s expertise and guidance, and we are lucky to have him as our next chairman — particularly as the board continues to move forward with the succession process,” Iger said in a statement. “I’m extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”

James Gorman. Yuki Iwamura / Bloomberg via Getty Images file

Parker will step down after nine years on the Disney board “to focus on other areas” of his work, according to a Disney statement. That includes spending more time working on Nike-related matters, according to a person familiar with the matter. Elliott Hill took over as Nike CEO last week, replacing John Donahoe.

Disney had initially targeted 2025 to announce a successor, as CNBC reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.

Gorman has experience with succession planning: He oversaw the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO there at the start of this year.

Succession hasn’t been smooth at Disney. The board fired Iger’s handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years. Iger returned to the CEO job, and now, Disney shareholders are eager to see a succession plan stick.

Iger’s four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks, since Gorman took over in August, according to the people familiar.

Gorman said in a CNBC interview in March, before taking over as the board’s succession chair, that Disney was running a “forward-looking, forward-leaning, incredibly disciplined process.”

Still, while putting a specific timeline on naming a successor adds a bit of clarity to the search, it also means the question of who will take over for Iger will continue to hover over the company for another year.

Iger has pushed back his retirement five different times to continue to lead Disney as CEO. Activist investor Nelson Peltz focused on the board’s failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year.

Iger’s current contract as CEO runs until Dec. 31, 2026. He and the board haven’t decided if Iger will extend his board tenure past 2026, said the people familiar.

This post appeared first on NBC NEWS






    You May Also Like

    Editor's Pick

    Sen. JD Vance (R-Ohio) and Minnesota Gov. Tim Walz (D) will face off Tuesday night at a CBS News vice-presidential debate in New York....

    Latest News

    A North Korean defector who escaped to the South more than a decade ago was detained after attempting to cross back into North Korea...

    Economy

    A U.N. human rights group confirmed Hamas’ leader in Lebanon, who was recently killed by Israeli strikes, was their employee.  Fateh Sherif was killed...

    Investing

    Astron (ASX:ATR) and Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU) have completed the establishment of a joint venture to advance the Australia-based Donald rare earths and mineral sands...

    Disclaimer: balanceandcharge.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 balanceandcharge.com