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Walt Disney Tasks Morgan Stanley's Gorman to Lead CEO Search

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, US, December 14, 2017. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights
A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, US, December 14, 2017. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights
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Walt Disney Tasks Morgan Stanley's Gorman to Lead CEO Search

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, US, December 14, 2017. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights
A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, US, December 14, 2017. REUTERS/Brendan McDermid/File Photo Purchase Licensing Rights

Walt Disney on Wednesday named board member and Morgan Stanley executive chairman James Gorman to chair its succession planning committee, which is looking for a replacement to longtime CEO Bob Iger.

Disney won a months-long proxy war earlier this year with activist investor Nelson Peltz who argued the company had underperformed in the streaming-television era and criticized its succession planning.

The board has extended Iger's retirement date five times, including pulling him back from an initial retirement in 2022 to replace his hand-picked successor Bob Chapek, Reuters reported.

Last year, Iger, who was the CEO from 2005 to 2020 before his 2022 reappointment, said he would extend his stay through 2026 and "definitely" step down when his contract ends.

Gorman joined as a Disney director this year and oversaw the recent succession process at Morgan Stanley. He was its CEO from 2010 to 2023 and will be ceding his role as executive chairman at Disney in December.

"Succession planning is a top priority of the Board," Disney Chairman Mark Parker said. The company said it was reviewing internal and external candidates for the CEO position.

The company also said Mary Barra, CEO of General Motors and Calvin McDonald, CEO of Lululemon Athletica will continue to serve on the succession planning committee, which has met six times so far in fiscal 2024.

In addition, the board has discussed the search for the next CEO at all of its regularly scheduled meetings this year, Disney said.

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UK Watchdog Shuts Down Probes into Apple and Google App Stores 

3D printed logos of Apple and Google are pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. (Reuters)
3D printed logos of Apple and Google are pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. (Reuters)
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UK Watchdog Shuts Down Probes into Apple and Google App Stores 

3D printed logos of Apple and Google are pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. (Reuters)
3D printed logos of Apple and Google are pictured on a keyboard in front of binary code in this illustration taken September 24, 2021. (Reuters)

Britain's competition watchdog has closed its existing investigations into Apple and Google's respective app stores, awaiting new laws governing digital markets.

The tech giants have faced scrutiny around the world over the dominance of their respective App Store and Google Play store platforms, which critics say impose unfair charges on app developers and limit competition.

In 2022, the Competition and Markets Authority (CMA) published a market study of mobile ecosystems in Britain, which found Apple and Google held an effective monopoly over the distribution of apps in Britain.

The body subsequently launched parallel investigations into both companies for alleged anticompetitive behavior.

But in a statement published on Wednesday, the CMA said it had dropped both probes, pending the roll-out of the Digital Markets, Competition and Consumers Act (DMCCA), which is expected to come into force later this year.

"Once the new pro-competition digital markets regime comes into force, we’ll be able to consider applying those new powers to concerns we have already identified through our existing work," said Will Hayter, Executive Director for Digital Markets at the CMA.

A Google spokesperson said its Android operating system had always allowed flexibility and choice not found on other platforms, including multiple app stores.

"We have engaged with the CMA over the course of many months during their investigation. As part of this, we made a number of significant commitments to further broaden the billing options available to developers through Google Play," they said.

Apple did not immediately respond to a request for comment.