The Walt Disney Company (NYSE: DIS) Board of Directors has
appointed James P. Gorman, Chairman and Chief Executive Officer of
Morgan Stanley, and Sir Jeremy Darroch, a veteran media executive
and former Group Chief Executive of Sky, as new directors.
Darroch’s appointment is effective January 9, 2024, and Gorman’s is
effective February 5, 2024.
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The selection of Gorman, a deeply respected leader at one of the
world’s preeminent global financial institutions, and Darroch, an
accomplished chief executive and financial leader with significant
experience in the international media and consumer products
sectors, follows a lengthy and comprehensive search that began in
April 2023. Their appointments reflect Disney’s commitment to a
strong board focused on the long-term performance of the company,
strategic growth initiatives, the succession planning process, and
increasing shareholder value.
“James and Jeremy are both widely respected leaders in their
industries, and their expertise will complement the talents and
experience of the Disney board as we continue to focus on
delivering for consumers and shareholders alike,” said Mark G.
Parker, Chairman of the Board, The Walt Disney Company. “In the 14
years that James has been CEO of Morgan Stanley, he has overseen a
strategic transformation of the institution and delivered
significant shareholder value, and was integral to Morgan Stanley’s
well-managed succession process over the past year,” Parker said.
“Jeremy brings extensive leadership in 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 TV providers.”
“Disney stands apart, both in its creative excellence and its
deep connection with consumers,” said Gorman. “It is an incredible
opportunity to join this accomplished board of directors, and to
lend my experience and perspective as the company implements its
strategic vision to build for the future.”
“I am thrilled to join the board of directors of one of the most
beloved brands in the world at such a pivotal moment for the
company,” said Darroch. “I look forward to working closely with my
fellow board members to advise Disney’s executive leadership on the
implementation of their strategic priorities designed to drive
sustained growth and create long-term shareholder value.”
Gorman and Darroch will be included in the company’s slate of
director nominees in the proxy statement for Disney’s 2024 Annual
Meeting of Shareholders. Disney board member Francis A. deSouza has
decided not to stand for reelection at the annual meeting, as he
pursues new opportunities in the technology sector that will
require his full attention.
“I’m immensely proud to have had the opportunity to serve such
an important and cherished institution alongside this group of
esteemed board members,” deSouza said. “I have enormous admiration
and affection for the company and its leaders and Cast Members, and
I look forward to cheering on every future success as a lifelong
Disney fan as I step down to pursue my next career endeavors.”
“We are grateful to Francis for his years of service on the
Disney board, and understand his desire not to stand for reelection
in the spring as he pursues his next venture,” said Parker. “He has
provided invaluable guidance during his tenure, and we wish him the
very best.”
Disney’s directors bring significant expertise in implementing
strategic priorities while growing shareholder value across a
spectrum of varied businesses. Along with Parker, Executive
Chairman of NIKE, Inc., and deSouza, former President and Chief
Executive Officer of Illumina, Inc., Disney’s board includes Mary
T. Barra, Chair and Chief Executive Officer of General Motors Co.;
Safra A. Catz, Chief Executive Officer of Oracle Corp.; Amy L.
Chang, former senior executive at Cisco and Google and a current
director of Procter & Gamble; Carolyn N. Everson, former senior
executive at Instacart, Meta and Microsoft and a current director
of The Coca-Cola Co. and Under Armour Inc.; Michael B.G. Froman,
President of the Council on Foreign Relations and former Vice
Chairman and President, Strategic Growth at Mastercard Inc.; Robert
A. Iger, Chief Executive Officer, The Walt Disney Company; Maria
Elena Lagomasino, Chief Executive Officer and Managing Partner of
WE Family Offices and a former senior executive at JP Morgan
Private Bank and Chase Manhattan Bank; Calvin R. McDonald, Chief
Executive Officer of lululemon athletica inc.; and Derica W. Rice,
a former senior executive at CVS Health and Eli Lilly and a current
director of The Carlyle Group Inc., Bristol-Myers Squibb Co., and
Target Corp. The addition of Gorman and Darroch will temporarily
increase Disney’s board to 13 members.
James P. Gorman Background
James Gorman became Chief Executive Officer of Morgan Stanley in
January 2010 and Chairman in January 2012, and he will assume the
role of Executive Chairman on January 1, 2024. He joined the firm
in February 2006 and was named Co-President in December 2007.
Before joining Morgan Stanley, Gorman held executive positions at
Merrill Lynch. As CEO and Chairman of Morgan Stanley, Gorman has an
established record driving strategic transformation of a global
financial institution with a long-term sustainable business model.
Gorman has successfully executed innovative technological
strategies leading the acquisition and integration of online
trading platform E-Trade, and will provide key perspectives as
Disney leverages technology to advance its strategy. Through his
roles at Morgan Stanley, Merrill Lynch, and as former President of
the Federal Advisory Council to the U.S. Federal Reserve Board,
Gorman also brings deep finance management, investment and
fiduciary expertise evaluating businesses. Gorman earned a
bachelor’s degree and law degree from the University of Melbourne
and an M.B.A. from Columbia University.
Sir Jeremy Darroch Background
Sir Jeremy Darroch is the former Executive Chairman and Group
Chief Executive of Sky. He joined Sky as Chief Financial Officer in
2004 and was promoted to Group Chief Executive in 2007, and served
as Executive Chairman in 2021. As Group Chief Executive of Sky,
Darroch led the company’s tremendous growth and transformation from
a linear satellite broadcaster into one of Europe’s largest
multi-platform TV providers. His experience will lend valuable
insights to Disney’s board and management in navigating the
strategic expansion of DTC offerings and changing media and
entertainment landscapes, as well as perspectives on creative
content investment and brand evolution. As the former CFO of Sky,
Darroch also has extensive expertise in finance, accounting and
risk management. He is a director and the pending Chairman of
Reckitt Benckiser Group plc. Darroch was knighted by King Charles
III in June. He holds a bachelor’s degree in economics from the
University of Hull.
About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and
affiliates, is a leading diversified international family
entertainment and media enterprise that includes three business
segments: Entertainment, Sports and Experiences. Disney is a Dow 30
company and had annual revenue of $88.9 billion in its Fiscal Year
2023.
Forward-Looking Statements
Certain statements in this communication may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding the Company’s expectations, beliefs, plans, and
continuation of commitments and focus and other statements that are
not historical in nature. These statements are made on the basis of
management’s views and assumptions regarding future events and
business performance as of the time the statements are made.
Management does not undertake any obligation to update these
statements.
Actual results may differ materially from those expressed or
implied. Such differences may result from actions taken by the
Company, including restructuring or strategic initiatives or other
business decisions, as well as from developments beyond the
Company’s control, including: the occurrence of subsequent events;
further deterioration in domestic or global economic conditions or
failure of conditions to improve as anticipated; deterioration or
pressures from competitive conditions, including competition to
create or acquire content, competition for talent and competition
for advertising revenue; consumer preferences and acceptance of our
content, offerings, pricing model and price increases, and
corresponding subscriber additions and churn, and the market for
advertising sales on our direct-to-consumer services and linear
networks; health concerns and their impact on our businesses and
productions; international, political or military developments;
regulatory or legal developments; technological developments; labor
markets and activities, including work stoppages; adverse weather
conditions or natural disasters; and availability of content. Such
developments may further affect entertainment, travel and leisure
businesses generally and may, among other things, affect (or
further affect, as applicable): our operations, business plans or
profitability, including direct-to-consumer profitability; our
expected benefits of the composition of the Board; demand for our
products and services; the performance of the Company’s content;
our ability to create or obtain desirable content at or under the
value we assign the content; the advertising market for
programming; income tax expense; and performance of some or all
Company businesses either directly or through their impact on those
who distribute our products.
Additional factors are set forth in the Company’s Annual Report
on Form 10-K for the year ended September 30, 2023 under the
captions “Risk Factors,” “Management’s Discussion and Analysis of
Financial Condition and Results of Operations,” and “Business,” and
subsequent filings with the Securities and Exchange Commission,
including, among others, quarterly reports on Form 10-Q.
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David Jefferson Corporate Communications
david.j.jefferson@disney.com (818) 560-4832
Mike Long Corporate Communications mike.p.long@disney.com (818)
560-4588
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