Disney taps James Gorman and Jeremy Darroch as new board members

Walt Disney Co. is strengthening its board of directors.

The company says Morgan Stanley CEO James Gorman and former Sky CEO Sir Jeremy Darroch will join the board in early 2024.

Both will be elected at the company’s next annual meeting. Current Disney board member Francis A. deSouza will step down to pursue an opportunity in the technology sector.

“James and Jeremy are widely respected leaders in their industries, and their experience will complement the talents and experience of Disney’s board of directors as we continue to focus on delivering results for consumers and shareholders alike,” said Mark Parker, president of Disney’s board of directors. in a sentence.

“In the 14 years that James has been CEO of Morgan Stanley, he has overseen a strategic transformation of the institution and delivered significant value for shareholders, and was an integral part of Morgan Stanley’s well-managed succession process over the past year. “said Parker. “Jeremy brings extensive leadership to the international media business and, during his tenure at Sky, he led Sky’s successful transition from a linear satellite broadcaster to one of Europe’s largest multi-platform television providers.”

The incorporation of the executives to the council brings the total number of members to thirteen for the moment. The move comes amid a renewed push by activist investor Nelson Peltz to land seats at the entertainment giant.

Shortly before Disney revealed the new board additions, Iger commented on Peltz’s effort during an interview on The New York Times Deal Book Summit. “The board has an obligation to listen to investors. “I’m sure the board will listen to them about what their plans are,” Iger said of Peltz. The executive said he told the board that “obviously we have to deal with them in some way, but don’t make me lose sight of (managing the company).”

In January, Disney reorganized its board as Peltz’s firm increased its stake in the company, naming Nike CEO Mark Parker as chairman, succeeding Susan Arnold.

More to come.