Morgan Stanley CEO James Gorman said Thursday that he’s gearing up to hitch a succession planning committee at Disney, which is able to advise the board on selecting CEO Bob Iger’s successor.
Gorman is about to step down as Morgan Stanley CEO Jan. 1. He’ll join Disney’s board in February.
Disney announced last month that Gorman was joining the corporate’s board. The announcement also included the appointment of former Sky TV boss Jeremy Darroch, starting in January.
The move was seen as a solution to hold off a proxy fight by activist fund Trian and its chief, Nelson Peltz, although Trian voiced dissatisfaction with the appointments in an announcement. Trian said it might push for Peltz and former Disney executive Jay Rasulo to hitch the board.
Gorman has won praise for a way he managed the succession process at Morgan Stanley.
“Disney is forming a succession committee, which I will be joining,” Gorman told CNBC’s David Faber. “I do not start as a director until February.” He added: “But I actually have an infinite amount of experience having run succession here on Morgan Stanley’s board.”
Gorman also noted that he’s handled activist investors before. “We have now had quite a lot of battles in my life,” he said of the Disney proxy fight. “That does not trouble me one little bit.”
Disney said Gorman was referring to the succession committee the corporate announced in January. The corporate disclosed Gorman would join the panel in a securities filing last month.
Disney re-appointed Iger as CEO in November 2022, following the tumultuous tenure of his hand-picked successor Bob Chapek. Before he ended his previous reign as CEO, Iger renewed his contract multiple times. In July, the corporate prolonged Iger’s contract through 2026.
The corporate has faced a number headwinds lately, including box office flops and streaming losses. Earlier this yr, Iger reorganized the corporate, shedding 7,000 employees while seeking to cut $7.5 billion in costs.
Tune in: “CNBC Leaders: James Gorman” airs at 8 p.m. ET Friday on CNBC.
