Disney Taps James Gorman and Jeremy Darroch as New Board Members

The Walt Disney Co. is beefing up its board of directors.

The company says that Morgan Stanley CEO James Gorman and former Sky CEO Sir Jeremy Darroch will join the board in early 2024.

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The studio conglomerate cited Gorman’s experience with Morgan Stanley’s acquisition of E-Trade in 2020 to note that the exec will “provide key perspectives as Disney leverages technology to advance its strategy.” And Darroch’s work transitioning Sky from linear TV to multi-platform was touted in relation to Disney’s own efforts to grow its direct-to-consumer streaming business.

Both will be up for election at the company’s next annual meeting. Current Disney board member Francis A. deSouza is stepping down to pursue an opportunity in the technology sector.

“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 Parker, chairman of the Disney board, in a statement.

“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.”

The addition of the executives to the board brings the total number of members to thirteen for the time being. The move arrives amid a renewed push by activist investor Nelson Peltz to push for seats at the entertainment giant.

Shortly before Disney revealed the new board additions, Iger commented on Peltz’ effort during an interview on Wednesday at The New York Times Dealbook Summit. “The board has an obligation to listen to investors. I am certain that the board will hear them out as to what their plans are,” Iger noted of Peltz. The executive said he told the board that “we have to obviously contend with them in some form, but don’t force me to take my eye off the ball [in managing the company].”

In January, Disney shook up its board as Peltz’ firm boosted its stake in the company, naming Nike executive chairman Parker to be chairman, succeeding Susan Arnold.

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