By Michelle Chapman, Business Writer
LOS ANGELES (AP) --Morgan Stanley Executive Chairman James Gorman will lead Disney’s search for a successor to Bob Iger, two years after the company’s longtime leader came out of retirement following a rocky transition to his hand-picked replacement.
Iger returned in 2022 after a period of clashes, missteps and a weakening financial performance at Disney under his chosen successor, Bob Chapek.
Iger was Disney’s public face for 15 years, compiling a string of victories lauded in the entertainment industry and by Disney fans, before he retired in 2020.
On his return, Iger initially agreed to a two year contract in order to redirect Disney’s trajectory and help find a new chief executive. But in July 2023 Iger agreed to a two-year contract extension that will keep him at Disney through the end of 2026.
There have been some notable successes under Iger since his return, including the first profit for the Disney’s streaming service. Yet Disney has struggled to bring stability back to its parks division. The company cautioned this month that it has seen some moderation in demand at its Experiences division that includes six global theme parks, and that the trend may linger for the next few quarters.
Gorman, who joined Disney’s board earlier this year, has previous succession planning experience, as he oversaw the process at Morgan Stanley. Gorman currently serves as Morgan Stanley’s executive chairman after several years as its chairman and CEO.
“James is a highly respected leader, and we’ve asked him to serve as the new chair of the succession planning committee given his deep succession planning experience and long-term strategic mentality,” Disney Chairman Mark Parker, who most recently served as the committee’s chair, said in a statement.
Aside from Gorman and Parker, board members Mary Barra and Calvin McDonald will continue to serve on the succession planning committee.
Disney, which formed the succession planning committee in January 2023, said that the committee has met six times so far in fiscal 2024. The committee, along with the company’s board, are considering internal and external candidates. Disney said that internal candidates are going through a preparation process that includes mentorship from Iger, external coaching, and engagement with all board members.
California Gov. Newsom Signs Laws To Protect Actors Against Unauthorized Use Of AI
California Gov. Gavin Newsom signed off Tuesday on legislation aiming at protecting Hollywood actors and performers against unauthorized artificial intelligence that could be used to create digital clones of themselves without their consent.
The new laws come as California legislators ramped up efforts this year to regulate the marquee industry that is increasingly affecting the daily lives of Americans but has had little to no oversight in the United States.
The laws also reflect the priorities of the Democratic governor who's walking a tightrope between protecting the public and workers against potential AI risks and nurturing the rapidly evolving homegrown industry.
"We continue to wade through uncharted territory when it comes to how AI and digital media is transforming the entertainment industry, but our North Star has always been to protect workers," Newsom said in a statement. "This legislation ensures the industry can continue thriving while strengthening protections for workers and how their likeness can or cannot be used."
Inspired by the Hollywood actors' strike last year over low wages and concerns that studios would use AI technology to replace workers, a new California law will allow performers to back out of existing contracts if vague language might allow studios to freely use AI to digitally clone their voices and likeness. The law is set to take effect in 2025 and has the support of the California Labor Federation and the Screen Actors Guild-American Federation of Television and Radio Artists, or SAG-AFTRA.
Another law signed by Newsom, also supported by SAG-AFTRA, prevents dead performers from being digitally cloned for commercial purposes without the permission of their estates. Supporters said the law is... Read More