Disney director James Gorman, who retired as CEO of Morgan Stanley in January after a smooth succession process, will also be stepping down as executive chairman of the financial giant.
One of the longest tenured top executives on Wall Street, Gorman told Morgan Stanley’s annual meeting of shareholders today that he plans to exit the role at year end. He was CEO for 18 years and segued to executive chair after his successor Ted Pick took the reins of the investment banking and financial services giant at the start of 2024.
Named to Disney’s board in February, Gorman is one four directors looking closely at succession, a critical issue for the company.
CEO Bob Iger’s latest contract expires at the end of 2026. He has said that succession is a top priority for himself and the board and would ideally require a transition period for him to work with the new chief executive.
One of the longest tenured top executives on Wall Street, Gorman told Morgan Stanley’s annual meeting of shareholders today that he plans to exit the role at year end. He was CEO for 18 years and segued to executive chair after his successor Ted Pick took the reins of the investment banking and financial services giant at the start of 2024.
Named to Disney’s board in February, Gorman is one four directors looking closely at succession, a critical issue for the company.
CEO Bob Iger’s latest contract expires at the end of 2026. He has said that succession is a top priority for himself and the board and would ideally require a transition period for him to work with the new chief executive.
- 5/23/2024
- by Jill Goldsmith
- Deadline Film + TV
Recently, Barrons wrote a short but flowery story about how the executive chairman of Morgan Stanley, James Gorman, bought up Disney stock after the price slumped. He’s on the Walt Disney Board, and it feels shallow.
James Gorman joined the Walt Disney Board this year. He previously was the CEO of Morgan Stanley, but last year, he left that position and transitioned to the Executive Chairman position.
Gorman was added to Disney Board ahead of the annual shareholder meeting where the proxy battle with Nelson Peltz’s Trian Group and Blackwell Capital tried to gain board seats. During the fight leading to the vote Petlz pointed out that not a lot of stock was owned by the current Disney Board members. Now Gorman buys up stock, but not till after the price plummeted $10-$11 per share.
Barrons stated:
“On Wednesday, the day after Disney’s slump, Gorman paid $2.1 million for 20,000 shares,...
James Gorman joined the Walt Disney Board this year. He previously was the CEO of Morgan Stanley, but last year, he left that position and transitioned to the Executive Chairman position.
Gorman was added to Disney Board ahead of the annual shareholder meeting where the proxy battle with Nelson Peltz’s Trian Group and Blackwell Capital tried to gain board seats. During the fight leading to the vote Petlz pointed out that not a lot of stock was owned by the current Disney Board members. Now Gorman buys up stock, but not till after the price plummeted $10-$11 per share.
Barrons stated:
“On Wednesday, the day after Disney’s slump, Gorman paid $2.1 million for 20,000 shares,...
- 5/11/2024
- by Kambrea Pratt
- Pirates & Princesses
The Walt Disney Co. has released the official vote totals from its April 3 annual shareholder meeting, the event that featured the culmination of a proxy fight waged by Nelson Peltz.
The effort by Peltz’s Trian Fund Management to secure two seats on the company’s board of directors was vanquished by Chairman and CEO Bob Iger after campaigns costing each side tens of millions of dollars. Disney’s full slate of 12 board nominees ultimately got approved by shareholders and the meeting featured little of the drama that its build-up promised. Nevertheless, the clash sent a clear message about Iger’s stumbles with succession planning and other operational concerns among many investors.
Initial characterizations of the election results were provided by sources close to the voting last week, but not the final numbers, which were relayed in an SEC filing Tuesday.
Iger finished in fourth place among all board nominees.
The effort by Peltz’s Trian Fund Management to secure two seats on the company’s board of directors was vanquished by Chairman and CEO Bob Iger after campaigns costing each side tens of millions of dollars. Disney’s full slate of 12 board nominees ultimately got approved by shareholders and the meeting featured little of the drama that its build-up promised. Nevertheless, the clash sent a clear message about Iger’s stumbles with succession planning and other operational concerns among many investors.
Initial characterizations of the election results were provided by sources close to the voting last week, but not the final numbers, which were relayed in an SEC filing Tuesday.
Iger finished in fourth place among all board nominees.
- 4/9/2024
- by Dade Hayes
- Deadline Film + TV
The minutes are ticking down to the close of Disney’s bitter proxy fight with Nelson Peltz, whose attempt to scale the board is a direct challenge to CEO Bob Iger.
Barring any hanging chads, results from voting for members of the board of directors will be revealed Wednesday at the company’s annual shareholder meeting at 1 p.m. Et / 10 a.m. Pt. (Polls officially close at 11:59 p.m. Et tonight.) Iger fought, and authorized the spending of $40 million, to quash the interloper activist investor, but win or lose, he invited the fight by botching succession.
Fumbled regime change became Peltz’s rallying cry, far more compelling that his thoughts on strategy. It’s the reason the race was so hard-fought. Iss, the most influential proxy advisory service, dealt perhaps the biggest blow to the company by backing Peltz in a move reminiscent of its withholding votes from then-ceo...
Barring any hanging chads, results from voting for members of the board of directors will be revealed Wednesday at the company’s annual shareholder meeting at 1 p.m. Et / 10 a.m. Pt. (Polls officially close at 11:59 p.m. Et tonight.) Iger fought, and authorized the spending of $40 million, to quash the interloper activist investor, but win or lose, he invited the fight by botching succession.
Fumbled regime change became Peltz’s rallying cry, far more compelling that his thoughts on strategy. It’s the reason the race was so hard-fought. Iss, the most influential proxy advisory service, dealt perhaps the biggest blow to the company by backing Peltz in a move reminiscent of its withholding votes from then-ceo...
- 4/3/2024
- by Dade Hayes, Jill Goldsmith and Dominic Patten
- Deadline Film + TV
Around 100 hours before the deadline for all Disney shareholders to cast their ballots in the acrid board clash between the Mouse House and activist investor Nelson Peltz, one of the country’s top pension funds just rolled its cannons onto the battlefield.
With 6.7 million shares in Disney, the California Public Employees Retirement System (CalPERS) blew a hole late Friday through Bob Iger and supporters’ hard fought efforts to keep the Ike Perlmutter-backed Peltz and a former CFO from gaining seats on the board on April 3.
“CalPERS believes Walt Disney Co. will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo,” John Myers, chief of the CalPERS Office of Public Affairs, told Deadline today.
While CalPERS says it will also vote for Iger and the likes of ex-Morgan Stanley boss James Gorman for the 12-member board,...
With 6.7 million shares in Disney, the California Public Employees Retirement System (CalPERS) blew a hole late Friday through Bob Iger and supporters’ hard fought efforts to keep the Ike Perlmutter-backed Peltz and a former CFO from gaining seats on the board on April 3.
“CalPERS believes Walt Disney Co. will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo,” John Myers, chief of the CalPERS Office of Public Affairs, told Deadline today.
While CalPERS says it will also vote for Iger and the likes of ex-Morgan Stanley boss James Gorman for the 12-member board,...
- 3/30/2024
- by Dominic Patten
- Deadline Film + TV
With three years left on his current contract, Disney CEO past and present Bob Iger is feeling good about his successor, whoever that eventually turns out to be.
“I’m confident we’re going to find a successor to me in due time and in the right time,” Iger told CNBC today after Disney’s latest quarterly earnings report was released. “I think the commitment of the board the attention to the process is all very very healthy.”
Having returned to the Mouse House in November 2022 after the chaotic rule of his previously handpicked successor Bob Chapek, Iger added Wednesday that the succession committee meets regularly and finding the next CEO is probably the the board’s number one priority.”
Related: Taylor Swift’s ‘Eras Tour’ Concert Film To Stream On Disney+ In March With Five New Songs
Iger was quick to address the succession question in a very non-Logan Roy sort of way,...
“I’m confident we’re going to find a successor to me in due time and in the right time,” Iger told CNBC today after Disney’s latest quarterly earnings report was released. “I think the commitment of the board the attention to the process is all very very healthy.”
Having returned to the Mouse House in November 2022 after the chaotic rule of his previously handpicked successor Bob Chapek, Iger added Wednesday that the succession committee meets regularly and finding the next CEO is probably the the board’s number one priority.”
Related: Taylor Swift’s ‘Eras Tour’ Concert Film To Stream On Disney+ In March With Five New Songs
Iger was quick to address the succession question in a very non-Logan Roy sort of way,...
- 2/7/2024
- by Dominic Patten
- Deadline Film + TV
Blackwells Capital, a Disney shareholder with plenty of opinions about who should sit on the company’s board of directors, blasted the rival Trian Group for its own board maneuvering.
In a press release Monday, Blackwells Chief Investment Officer Jason Aintabi said Trian co-founder Nelson Peltz has come up short in terms of suggesting ways for the media giant to right its ship. Trian, which owns about $3 billion in Disney stock, last week formally initiated a proxy war with Disney by nominating Peltz and former Disney CFO Jay Rasulo to the board. The firm plans to solicit support from a shareholder base that it believes has grown restless over the company’s lackluster stock performance.
Trian has attacked Disney’s path under CEO Bob Iger, who returned to the top exec role in November 2022 in a bid to shore up the company after it slipped under his hand-picked successor, Bob Chapek.
In a press release Monday, Blackwells Chief Investment Officer Jason Aintabi said Trian co-founder Nelson Peltz has come up short in terms of suggesting ways for the media giant to right its ship. Trian, which owns about $3 billion in Disney stock, last week formally initiated a proxy war with Disney by nominating Peltz and former Disney CFO Jay Rasulo to the board. The firm plans to solicit support from a shareholder base that it believes has grown restless over the company’s lackluster stock performance.
Trian has attacked Disney’s path under CEO Bob Iger, who returned to the top exec role in November 2022 in a bid to shore up the company after it slipped under his hand-picked successor, Bob Chapek.
- 1/22/2024
- by Dade Hayes
- Deadline Film + TV
As promised, Trian Partners, the hedge fund led by activist investor Nelson Peltz, officially submitted its preliminary proxy statement for the election of Peltz and former Disney CFO Jay Rasulo to Disney’s board at the Mouse House’s 2024 annual shareholders meeting.
In its filing Thursday, Trian also outlined its goals and initial perspectives for Disney regarding corporate governance, streaming profitability — to “target and achieve Netflix-like margins” of 15%-20% by fiscal year 2027 — as well as ESPN, studio creativity, and growth in Disney’s Parks and Experiences unit. It’s all intended, according to the company, to “#RestoreTheMagic” at the media conglomerate.
But the key question is: Can Nelson Peltz get the backing of enough Disney shareholders to succeed in shaking up the board and challenging CEO Bob Iger for the future direction of the company?
Trian’s proposals, including its two board nominees, would require an affirmative vote of...
In its filing Thursday, Trian also outlined its goals and initial perspectives for Disney regarding corporate governance, streaming profitability — to “target and achieve Netflix-like margins” of 15%-20% by fiscal year 2027 — as well as ESPN, studio creativity, and growth in Disney’s Parks and Experiences unit. It’s all intended, according to the company, to “#RestoreTheMagic” at the media conglomerate.
But the key question is: Can Nelson Peltz get the backing of enough Disney shareholders to succeed in shaking up the board and challenging CEO Bob Iger for the future direction of the company?
Trian’s proposals, including its two board nominees, would require an affirmative vote of...
- 1/18/2024
- by Todd Spangler
- Variety Film + TV
Disney CEO Bob Iger saw his compensation hit $31.6 million in 2023 — down from $45.9 million in 2021, his last prior full year of employment at the company.
Iger’s 2023 pay package included $865,385 in base salary, plus 16.1 million in stock awards, $10 million in stock-option awards, $2.14 million cash bonus and $2.48 million in other compensation, according to the company’s proxy statement filed Tuesday with the SEC. His contract with Disney runs through the end of 2026.
Iger was Disney CEO from 2005-20 and served as executive chairman of the company through the end 2021. He returned as interim CEO after the ouster of Bob Chapek — who had been Iger’s hand-picked successor — in November 2022. For 2023, Chapek received total compensation from Disney of $9.94 million.
Also Tuesday, Disney’s board of directors disclosed its recommended slate of 12 nominees for election at the 2024 annual meeting of shareholders (with the date Tba) in the preliminary proxy materials. The board officially rejected...
Iger’s 2023 pay package included $865,385 in base salary, plus 16.1 million in stock awards, $10 million in stock-option awards, $2.14 million cash bonus and $2.48 million in other compensation, according to the company’s proxy statement filed Tuesday with the SEC. His contract with Disney runs through the end of 2026.
Iger was Disney CEO from 2005-20 and served as executive chairman of the company through the end 2021. He returned as interim CEO after the ouster of Bob Chapek — who had been Iger’s hand-picked successor — in November 2022. For 2023, Chapek received total compensation from Disney of $9.94 million.
Also Tuesday, Disney’s board of directors disclosed its recommended slate of 12 nominees for election at the 2024 annual meeting of shareholders (with the date Tba) in the preliminary proxy materials. The board officially rejected...
- 1/16/2024
- by Todd Spangler
- Variety Film + TV
It’s getting complicated — and crowded — in the conference rooms at Cinderella’s Castle.
Everyone has new board members for Disney, it seems. Billionaire Nelson Peltz and his Trian Fund Management have certainly made known their opinion on Disney CEO (and board member) Bob Iger’s leadership. Tl;Dr, it’s not positive. This morning, two new activist investors entered the chat.
Iger’s got friends in high places at ValueAct Capital Management and activist hedge fund Blackwells Capital; both stepped up to bat for Bob on Wednesday. In a filing with the Securities & Exchange Commission, ValueAct says it will support the current Disney Board of Directors’ 2024 nominees for the board seats. Iger returned the compliment.
“ValueAct Capital has a track record of collaboration and cooperation with the companies it invests in, and its Co-CEO Mason Morfit has been very constructive in the conversations we’ve had over the past year,...
Everyone has new board members for Disney, it seems. Billionaire Nelson Peltz and his Trian Fund Management have certainly made known their opinion on Disney CEO (and board member) Bob Iger’s leadership. Tl;Dr, it’s not positive. This morning, two new activist investors entered the chat.
Iger’s got friends in high places at ValueAct Capital Management and activist hedge fund Blackwells Capital; both stepped up to bat for Bob on Wednesday. In a filing with the Securities & Exchange Commission, ValueAct says it will support the current Disney Board of Directors’ 2024 nominees for the board seats. Iger returned the compliment.
“ValueAct Capital has a track record of collaboration and cooperation with the companies it invests in, and its Co-CEO Mason Morfit has been very constructive in the conversations we’ve had over the past year,...
- 1/3/2024
- by Tony Maglio
- Indiewire
James Gorman, CEO of Morgan Stanley and soon to be a member of Disney’s board of directors, is not fazed by the possibility of the media giant going through a proxy fight.
During a lengthy sit-down with CNBC, the exec acknowledged that a battle is brewing with activist investor Nelson Peltz, whose investment firm nominated him along with ex-Disney CFO James Rasulo for board seats. The duo are co-ordinating their efforts with Ike Perlmutter, the former head of Marvel.
Disney said a board committee will consider those applications ahead of the annual shareholder meeting, but it has been critical of Perlmutter for having a “longstanding personal agenda” against the company due to his dismissal by CEO Bob Iger. Shareholders will elect board members in early 2024 at the meeting, whose date has not yet been announced.
“That’s all right,” Gorman shrugged about the skirmish between Disney and the activist investors.
During a lengthy sit-down with CNBC, the exec acknowledged that a battle is brewing with activist investor Nelson Peltz, whose investment firm nominated him along with ex-Disney CFO James Rasulo for board seats. The duo are co-ordinating their efforts with Ike Perlmutter, the former head of Marvel.
Disney said a board committee will consider those applications ahead of the annual shareholder meeting, but it has been critical of Perlmutter for having a “longstanding personal agenda” against the company due to his dismissal by CEO Bob Iger. Shareholders will elect board members in early 2024 at the meeting, whose date has not yet been announced.
“That’s all right,” Gorman shrugged about the skirmish between Disney and the activist investors.
- 12/21/2023
- by Dade Hayes
- Deadline Film + TV
The Walt Disney Co. is about to add someone who knows a thing or two about CEO succession to its board of directors.
James Gorman, who will step aside as CEO of Morgan Stanley at the end of this year after overseeing what is widely regarded as a carefully-planned succession process at the investment bank, will officially join Disney’s board in February.
And he says he intends to be involved in Disney’s succession planning, finding a suitable person to follow Bob Iger. In an exit interview with CNBC Thursday, Gorman said that he will be joining Disney’s special succession committee when he officially joins the board next year.
“This has been, the sorts of things I’ve done in this job is strategic transformation. Obviously [I’ve] dealt with shareholders at many levels, including activists. Succession talent building,” Gorman said. “So, some of the challenges that I have, I hope,...
James Gorman, who will step aside as CEO of Morgan Stanley at the end of this year after overseeing what is widely regarded as a carefully-planned succession process at the investment bank, will officially join Disney’s board in February.
And he says he intends to be involved in Disney’s succession planning, finding a suitable person to follow Bob Iger. In an exit interview with CNBC Thursday, Gorman said that he will be joining Disney’s special succession committee when he officially joins the board next year.
“This has been, the sorts of things I’ve done in this job is strategic transformation. Obviously [I’ve] dealt with shareholders at many levels, including activists. Succession talent building,” Gorman said. “So, some of the challenges that I have, I hope,...
- 12/21/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
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