Morgan Stanley CEO James Gorman stated Thursday that he’s getting ready to sign up with a succession preparation committee at Disney, which will recommend the board on selecting CEO Bob Iger’s follower.
Gorman is set to step down as Morgan Stanley CEOJan 1. He will sign up with Disney’s board in February.
Disney revealed last month that Gorman was signing up with the business’s board. The statement likewise consisted of the visit of previous Sky television employer Jeremy Darroch, start in January.
The relocation was viewed as a method to hold back a proxy battle by activist fund Trian and its chief, Nelson Peltz, although Trian voiced frustration with the consultations in a declaration. Trian stated it would promote Peltz and previous Disney executive Jay Rasulo to sign up with the board.
Gorman has actually won appreciation for how he handled the succession procedure at Morgan Stanley.
“Disney is forming a succession committee, which I’ll be joining,” Gorman informed CNBC’s DavidFaber “I don’t start as a director until February.” He included: “But I have an enormous amount of experience having run succession here on Morgan Stanley’s board.”
Gorman likewise kept in mind that he’s handled activist financiers in the past. “We have had a lot of battles in my life,” he stated of the Disney proxy battle. “That doesn’t bother me one little bit.”
Disney stated Gorman was describing the succession committee the business revealed inJanuary The business divulged Gorman would sign up with the panel in a securities filing last month.
Disney re-appointed Iger as CEO in November 2022, following the troubled period of his carefully picked follower BobChapek Before he ended his previous reign as CEO, Iger restored his agreement numerous times. In July, the business extended Iger’s agreement through 2026.
The business has actually dealt with a number headwinds recently, consisting of ticket office flops and streaming losses. Earlier this year, Iger rearranged the business, laying off 7,000 workers while seeking to cut $7.5 billion in expenses.
Tune in: “CNBC Leaders: James Gorman” airs at 8 p.m. ET Friday on CNBC.
