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NEW YORK — The Walt Disney Co. is tapping Morgan Stanley executive James Gorman to serve as its next chairman, beginning early next year, and announced that it anticipates naming its new CEO to replace Bob Iger in early 2026. Gorman will assume the post at the entertainment giant on Jan.
2. He will succeed Mark Parker, who is leaving after serving on Disney's board for nine years. Gorman is currently chair of Disney's succession planning committee.
He serves as executive chairman at Morgan Stanley, but will be stepping down at the end of the year. Gorman previously served as Morgan Stanley's CEO from 2010 to 2023 and chairman from 2012 to 2023. Iger came back to Disney in 2022 after a period of clashes, missteps and a weakening financial performance at the company 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. Gorman said in a statement that by naming Disney's next CEO in 2026, it "will allow ample time for a successful transition before the conclusion of Bob Iger's contract in December 2026." Disney is continuing to review internal and external candidates for the CEO position.
NEW YORK — Struggling New York Community Bancorp said Friday that it is cutting 700 jobs at its Flagstar subsidiary as it tries to return to profitability after being rescued by investors earlier this year. The bank said the cuts amount to 8 percent of its head count. It's also selling its mortgage-servicing business to Mr.
Cooper, which will mean trimming another 1,200 employees from its payroll. Most of those workers will be offered the chance to transfer to the new owner, NYCB said. NYCB got a lifeline of more than $1 billion from a group of investors in March of this year its stock plunge by more than 80%.
The bank has been hammered by weakness in commercial real estate and growing pains resulting from its buyout of a distressed bank. That cash infusion brought four new directors to NYCB's board, including Steven Mnuchin, who served as U.S.
Treasury secretary under President Donald Trump. Joseph Otting, a former comptroller of the currency, became the bank's CEO. Under the deal, NYCB was to get investments of $450 million from Mnuchin's Liberty Strategic Capital, $250 million from Hudson Bay Capital and $200 million from Reverence Capital Partners.
Cash from other institutional investors and some of the bank's management took the total over $1 billion, the bank said in March. NYCB was a relatively unknown bank until last year, when it bought the assets of Signature Bank at auction on March 19 for $2.7 billion.
Signature was one of the banks that crumbled in last year's mini-crisis for the industry, where a bank run also sped the collapse of Silicon Valley Bank. The sudden increase in size for NYCB meant it had to face increased regulatory scrutiny. That's been one of the challenges for the bank, which is trying to reassure depositors and investors that it can digest the purchase of Signature while dealing with a struggling real-estate portfolio.
Losses in loans tied to commercial real estate forced it to report a surprise loss for its latest quarter, which raised concern about the bank. Today's Top Headlines Story continues below NOAA makes its winter prediction. What's in store for SC? FEMA feels the heat in North Carolina.
But the agency says what they do is misunderstood. James Island Charter High School coach charged with attempted murder Trader Joe's is coming to the Myrtle Beach area. The question is where.
An instance of road rage turned deadly: Here's how the Savannah Highway shooting unfolded Upstate Bi-Lo grocery stores sit empty years after closing. Here's what's planned for your favorite one. Big changes coming to the Charleston Wine + Food Festival in 2025.
Tickets go on sale this week. Editorial: Voters who throw away a perfectly good senator must live with the consequences El Molino owners' new café brings Mexico City vibes to the Charleston area This historic Black neighborhood is surrounded by Myrtle Beach but not part of the city. Why? LOS ANGELES — More than 2,400 Kaiser Permanente psychologists, therapists, social workers and other mental health workers in Southern California began an open-ended strike Monday over increased workloads and staffing shortages that their union said have created a "substandard" system of care.
The National Union of Healthcare Workers, which represents the employees, is negotiating a new contract with the Oakland-based health giant. It said the strikers demand Kaiser hire more people to ease the burden put on the current staff. Kaiser said Oct.
21 that the union has been "slow-walking" negotiations, despite the strong proposals the health care company has put on the table. Meanwhile, the union's proposals "have been overreaching and unreasonable," the statement said. Picket lines went up outside Kaiser facilities in Los Angeles, Orange, San Bernardino and San Diego counties.
Workers prepared for the strike over the weekend after declining Kaiser's terms on Friday. Kaiser called the walkout "entirely unnecessary" and said the union is demanding more money for therapists to spend less time seeing patients. WASHINGTON — The Biden administration said Oct.
21 that it would provide up to $325 million to Hemlock Semiconductor for a new factory, a move that could help give Democrats a political edge in the swing state of Michigan ahead of election day. The funding would support 180 manufacturing jobs in Saginaw County, where Republicans and Democrats were neck-and-neck for the past two presidential elections. There would also be construction jobs tied to the factory that would produce hyper-pure polysilicon, a building block for electronics and solar panels, among other technologies.
Commerce Secretary Gina Raimondo said the funding came from the CHIPS and Science Act, which President Joe Biden signed into law in 2022. It's part of a broader industrial strategy that the campaign of Vice President Kamala Harris, the Democratic nominee, supports, while Republican nominee Donald Trump, the former president, sees tariff hikes and income tax cuts as better to support manufacturing. A senior administration official said the timing of the announcement reflected the negotiating process for reaching terms on the grant, rather than any political considerations.
The official insisted on anonymity to discuss the process. Hemlock plans to begin construction in 2026 and then start production in 2028, the official said. LONDON — Victims of Brazil's worst environmental disaster took their case for compensation to a U.
K. court Oct. 21, almost nine years after tons of toxic mining waste poured into a major waterway, killing 19 people and devastating local communities.
The class-action lawsuit at the High Court in London seeks an estimated the equivalent of $47 billion in damages from the global mining giant BHP. That would make it the largest environmental payout ever, according to Pogust Goodhead, the law firm representing the plaintiffs. BHP owns 50 percent of Samarco, the Brazilian company that operates the iron ore mine where a tailings dam ruptured on Nov.
5, 2015, releasing enough mine waste to fill 13,000 Olympic-size swimming pools into the Doce River in southeastern Brazil. The case was filed in Britain because one of BHP's two main legal entities was based in London at the time. BHP attorney Shaheed Fatima said in written submissions the claim has "no basis," adding that BHP did not own or operate the dam and "had limited knowledge of the dam and no knowledge that its stability was compromised.
" The river, which the Krenak Indigenous people revere as a deity, was polluted so badly that it has yet to recover. The disaster killed 14 tons of freshwater fish, according to the University of Ulster..
