Disney (DIS) has announced that outgoing Morgan Stanley CEO James Gorman (MS) and Former CEO of Sky Jeremy Darroch (CMCSA) will be joining the multinational media company's board of directors while former Illumina CEO Francis deSouza (ILMN) will not seek re-election.
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JOSH LIPTON: Disney making changes to its board. The entertainment giant announcing outgoing Morgan Stanley CEO James Gorman. And Sir Jeremy Darroch, a veteran media executive and former group chief executive of Sky, will be joining the board of directors early next year. Francis deSouza, former Illumina CEO, decided he will not seek re-election to the board. Stock little change here in after hours.
So with Gorman, obviously, we have a statement here from Gorman, saying that Disney stands apart both in its creative excellence and its deep connection with consumers. Of course, big name Julie, tested executive, led Morgan Stanley for many years, credited with transforming, of course, Morgan Stanley from financial crisis into really just a wealth management powerhouse, which, of course, investors always appreciate. And just listen, very strong reputation in the financial services industry.
I also thought some of these headlines Iger was making, by the way, and he was speaking at this New York Times DealBook conference today. It sounds like a wide ranging interview and a couple of the key points here. One is, he says, he would definitely, his words, step down when his current contract ends in 2026. Of course, he returned to Disney last year less than a year after he retired after the board ousted his hand-picked guy, right, Bob Chapek. So again, I guess we're talking succession. We'll see who he perhaps handpicks this time.
The other big headline there, too, was saying that ABC is, in fact, not for sale, which is interesting. We remember him talking about ABC, maybe suggesting that it was not core to Disney's business. Obviously, ABC, like so many other linear channels, under some pressure. But it sounds like, in fact, he's saying it will not be for sale.
JULIE HYMAN: Yeah. I MEAN he's definitely had some sort of back and forth on some of this commentary over where strategy is going to go. So it's interesting that now he has a media veteran on the board as well as a financial world veteran on the board. For James Gorman, he needs he needs something to do, right, after he stepped down from Morgan Stanley and after Ted pick takes over as the new CEO. So--
JOSH LIPTON: You've got to fill out your time somehow.
JULIE HYMAN: Yeah, sure. Why not do it with a nice little board position? But seriously, it is interesting here. And we'll see if this satisfies Nelson Peltz, for example, over Trian, who wants some changes to happen at Disney. And the board size, by the way, will temporarily increase to 13 because Francis deSouza not re-upping, but they're adding two. So we'll see how long that lasts.