James Gorman will step down as CEO of Morgan Stanley at the end of 2024 to join Disney in January 2025 and focus fully on his new role. Gorman will replace Mark Parker, who is leaving the Disney board after nine years, and will lead the succession planning and board committee. Gorman's extensive experience as a director of a Wall Street bank, a position he held successfully for 14 years, will certainly come in handy. He is a man who knows exactly how to run companies and turn them into financial powerhouses.

The contract of Bob Iger, who returned as Disney CEO after a hiatus and the unsuccessful appointment of Bob Chapek as his successor, expires in 2026. Iger is credited with building Disney's media empire, including overseeing the high-profile acquisitions of Pixar and Marvel and Star Wars-related productions.

There have already been a number of Disney board meetings this year where potential internal and external candidates have been under regular review. A process of exchanging names with potential successors is underway. According to Reuters, up to four Disney executives are being considered. They include Disney Entertainment co-chairman and TV creative director Dana Walden, Disney Experiences chairman Josh D'Amaro, ESPN chairman Jimmy Pitaro and Disney Entertainment co-chairman Alan Bergman.

Dana Walden has been instrumental in Disney's many commercial successes and has attracted many talented people to the company. Josh D'Amaro, with his charismatic personality (similar to that of Bob Iger), is responsible for the financial success and operations of Disney's theme parks. Jimmy Pitaro, one of Disney's most likable executives, is responsible for the digital transformation of its sports networks. The fourth internal candidate with the longest tenure at Disney, Alan Bergman, is responsible for overseeing the film studio and the success of many hit film productions.

The only external candidate reported in the media so far is NBA commissioner Adam Silver, who met with the board last year. It is important to remember that the list of external candidates could grow in the coming months, as many potential candidates are nearing the end of their current contracts and may be more 'available' to Disney during their potential renegotiations.

Who will succeed Bob Iger as Disney CEO is something we will find out next year. Undoubtedly, we are currently dealing with one of Disney's longest-serving CEOs, and whoever succeeds him in the role will not enjoy the same 'broad informal authority' as Bob Iger. The new successor will undoubtedly have to live up to the high expectations of the board under Gorman's leadership and have the skills to run a company as diverse as The Walt Disney Co.

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