The Board of Directors of The Walt Disney Company (NYSE: DIS) has named James P. Gorman, Chairman and CEO of Morgan Stanley, and Sir Jeremy Darroch, a seasoned media executive and former Group Chief Executive of Sky, as new directors. Sir Jeremy Darroch’s appointment is set to take effect on January 9, 2024, while James P. Gorman’s appointment will be effective on February 5, 2024.
The selection of Gorman, a highly regarded leader in the global financial sector, and Darroch, an accomplished executive with extensive experience in international media and consumer products, concludes a comprehensive search initiated in April 2023. Their appointments underscore Disney’s dedication to maintaining a robust board focused on long-term company performance, strategic growth initiatives, succession planning, and shareholder value enhancement.
Mark G. Parker, Chairman of the Board, The Walt Disney Company, expressed confidence in the newly appointed directors, stating, “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.”
Gorman and Darroch will be included in the director nominees for Disney’s 2024 Annual Meeting of Shareholders. Concurrently, board member Francis A. deSouza has opted not to seek reelection as he pursues new opportunities in the technology sector.
Expressing gratitude for deSouza’s service, Parker said, “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.”
The current Disney board comprises individuals with significant expertise in implementing strategic priorities and growing shareholder value across diverse businesses. With the addition of Gorman and Darroch, Disney’s board will temporarily increase to 13 members.
Background on James P. Gorman:
James P. Gorman assumed the role of CEO of Morgan Stanley in January 2010, later becoming Chairman in January 2012. He is set to become Executive Chairman on January 1, 2024. With a track record of strategically transforming global financial institutions, Gorman’s experience includes leading the acquisition and integration of online trading platform E-Trade. His background encompasses deep expertise in finance management, investment, and fiduciary responsibilities. Gorman holds degrees from the University of Melbourne and Columbia University.
Background on Sir Jeremy Darroch:
Sir Jeremy Darroch, former Executive Chairman and Group Chief Executive of Sky, joined the company as CFO in 2004 and later assumed the role of Group Chief Executive in 2007. As a key figure in Sky’s growth and transformation into one of Europe’s largest multi-platform TV providers, Darroch brings valuable insights to Disney’s board in navigating evolving media landscapes. His financial expertise, honed during his tenure as CFO of Sky, will contribute to Disney’s strategic expansion and creative content investment. Darroch holds a degree in economics from the University of Hull and was knighted by King Charles III in June.
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