Bob Iger has served as the chief executive officer (CEO) of the Walt Disney Co. (NYSE:DIS) from 2005, when he took over from Michael Eisner, until his contract expired in 2020. Iger served as executive chairman until his formal retirement in December 2021. However, at the request of the company’s board of directors, Iger returned as CEO in November 2022.
Disney went on to renew Iger’s contract until 2026. Now, Disney and Iger have unveiled a succession plan.
James Gorman will step down as executive chair of Morgan Stanley at the end of 2024 and will take on the executive chair position at Disney starting in January 2025. In August, Gorman was named head of the committee that will find a replacement for Iger.
“A critical priority before us is to appoint a new CEO,” Gorman said in a statement. “Which we now expect to announce in early 2026.”
There are several internal candidates that are reportedly under consideration for the role, including ESPN chair Jimmy Pitaro and Disney Entertainment co-chair Dana Walden.
Whoever wins the role will take over the reins of the entertainment behemoth. In the third quarter (Q3) of fiscal 2024, Disney reported total revenue of $23.16 billion – up 4% compared to the previous year. Meanwhile, adjusted earnings per share (EPS) climbed 35% year-over-year to $1.39.
Disney stock has climbed 6.52% in the year-to-date period as of close on October 21, 2024. It is up 16% year over year. Shares of Disney currently possess a price-to-earnings ratio of 37. That puts the entertainment giant’s stock in solid value territory compared to its industry peers at the time of this writing.