Disney (NASDAQ: DIS) announced that board member and Morgan Stanley Executive Chairman James Gorman will lead the company's succession planning group, which is responsible for finding a successor to current CEO Bob Iger.

Earlier this year, Disney defeated activist investor Nelson Peltz in a months-long proxy battle. Peltz had accused Disney of underperforming in the era of streaming TV and questioned the viability of its succession plan.

Disney's board has extended Iger's retirement date five times, including calling him out of planned retirement in 2022 to replace his hand-picked successor Bob Chapek.

Iger said last year that he would continue as CEO until 2026 and "absolutely" retire when his contract expires. He served as Disney CEO from 2005 to 2020 and returned to the position in 2022.

Gorman joined Disney's board this year and led the transition process at Morgan Stanley. He served as CEO of Morgan Stanley from 2010 to 2023 and will step down as Disney's executive chairman in December this year.

Disney Chairman Mark Parker said, "Succession planning is an important issue for the board." The company also said it will consider internal and external candidates for the CEO position.

In addition, Disney also said that General Motors (NYSE: GM) CEO Mary Barr and Lululemon (NASDAQ: LULU) CEO Calvin McDonald will continue to serve on the succession planning group. The group has held six meetings so far in fiscal 2024.

Disney also pointed out that all regular board meetings this year have discussed matters related to the search for the next CEO.