The recently disclosed news that the Disney board of directors, under the leadership of ex-Morgan Stanley C.E.O. James Gorman, won’t choose a successor for Bob Iger until 2026 suggested to many on Wall Street that the company might be rethinking its previous plan to promote an insider and will at least consider outside options—as it once did before selecting Michael Eisner as its leader back in the day. Gorman, of course, has lots of succession street cred and, presumably, he has free rein on the matter inside the Disney boardroom. Fresh off his remarkably successful stewardship of his own succession process at Morgan Stanley, Gorman was apparently recruited to the Disney board for this very purpose. His appointment was also pivotal in neutering Nelson Peltz, the “Smiling Crocodile,” and his rabble-rousers at Trian Partners amid an unsuccessful proxy fight with Disney earlier this year.