NEW: Disney Forms Committee Tasked With Finding New CEO As Company Struggles To Regain Footing

Morgan Stanley Executive Chairman James Gorman is set to lead Disney’s search for a successor to chief executive Bob Iger, the longtime Disney chief who came out of retirement two years ago due to the troubled tenure of his hand-picked successor.

Iger returned to the company in 2022 due to Disney’s weakening performance and financial position under his successor, Bob Chapek. At one point, the company had lost more than $1 billion over its last nine film releases, a stretch that included box office disasters like “Indiana Jones And The Dial Of Destiny,” “Lightyear” and “Elemental.”

Iger previously served as the public face of Disney for more than a decade before retiring in 2020. His tenure was widely viewed as successful, though the company is still struggling to regain its footing in 2024.

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Upon his return, Iger initially agreed to a two-year contract in order to steer Disney in the right direction and assist in the search for a new chief executive. He later agreed to another two-year extension in July 2023, which will keep him at the company’s helm through 2026.

While Iger’s return has come with some successes — including a first year of profitability for the company’s streaming assets — Disney has struggled to bring stability back to its parks division. Earlier this month, the company warned that demand appears to be decreasing across its Experiences division, which includes six global theme parks. The trend is expected to continue for several months.

As part of the search to replace Iger, the company has tapped Morgan Stanley Executive Chairman James Gorman to lead the effort. Gorman has experience in succession planning, as he previously led the effort at Morgan Stanley.

“James is a highly respected leader, and we’ve asked him to serve as the new chair of the succession planning committee given his deep succession planning experience and long-term strategic mentality,” Disney Chairman Mark Parker, who most recently served as the committee’s chair, said in a statement.

In addition to Gorman and Parker, board members Mary Barra and Calvin McDonald will continue to serve on the succession planning committee, according to a report from the Associated Press.

The committee has met six times since it was formed in January 2023, Disney has confirmed. Board members, along with the committee, are considering both internal and outside candidates for the role.

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