By Denny Jacob
Walt Disney Co.'s board appointed Morgan Stanley CEO James Gorman and former Sky CEO Jeremy Darroch as new directors.
The entertainment giant said Darroch's appointment is effective Jan. 9, while Gorman's is effective Feb. 5.
Disney said the appointments reflect its commitment to a strong board focused on the long-term performance of the company, strategic growth initiatives, the succession planning process and increasing shareholder value, according to a regulatory filing.
Gorman has been chief executive of Morgan Stanley since 2010 and is expected to be succeeded by Ted Pick on Jan. 1, 2024.
The appointments come as Disney is in a battle with activist investor Nelson Peltz, whose firm has acquired a substantial Disney stake and is pushing for board seats.
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(END) Dow Jones Newswires