Disney Board Reaffirms Management Succession Plan

In a regulatory filing, James Gorman, Chairman of the Board, said, "Dear Fellow Shareholders, The Walt Disney company delivered strong financial results for fiscal 2025, with meaningful accomplishments across each of the company's business segments, supported by our world-class brands and creative assets. Throughout the year, the Board continued its high priority work of management succession planning and oversight of strategy. The Board and management team value ongoing dialogue with our shareholders to understand their priorities and perspectives. We continued our robust shareholder engagement during calendar year 2025, discussing a broad range of topics including management succession, Board composition and oversight and executive compensation. We intend to continue to engage with shareholders through formal outreach efforts in the year ahead. Management succession planning remains a top priority for the Board, reflecting its importance to business continuity and long-term shareholder value. Oversight of the process is led by our dedicated Succession Planning Committee, and all directors have actively participated in a rigorous and ongoing evaluation of potential successor candidates, including direct engagement, performance assessment and consideration of leadership capabilities aligned with the company's long-term strategy. The appointment of the next CEO will be determined by the full Board, and we currently expect to announce the appointment of the company's next CEO in early 2026. Our Board's representation of backgrounds and skill sets strongly aligns with Disney's long-term strategy, key risks and opportunities. To support the Board's effective, independent oversight, we have evolved our Board's membership and leadership to bring new perspectives to the table. This includes the appointment of a new Compensation Committee Chair and independent Chairman in fiscal 2025, and the nomination of a new director to stand for election at the annual meeting. The Compensation Committee has remained focused on the thoughtful design and disciplined implementation of an executive compensation program that promotes sustained performance, reinforces executive accountability and supports the company's long-term strategic objectives. In fiscal 2025, the Committee introduced targeted enhancements to the program intended to further strengthen the link between compensation and performance and more directly align executive incentives with shareholder interests. These changes were designed to appropriately reward executives for delivering measurable results and advancing the company's strategic and financial goals. On behalf of the full Board, I want to express our sincere appreciation for your continued trust in and support of The Walt Disney Company. We remain committed to delivering sustainable growth, strong governance and long-term value for all shareholders."