In one aspect of the present disclosure, a display system is disclosed, such as a wearable head-mounted display (HMD), that includes an internal system housing and a movable display stack. The display stack includes a display panel, a carrier supporting the display panel, and a heat sink that are secured together such that the display panel, the carrier, and the heat sink are movable in unison within the system housing to adjust focus of the display panel. The carrier and/or the heat sink respectively include first and second thermal solutions to facilitate heat transfer away from the display panel, which may include a material having high thermal-conductivity properties and/or any structure that is configured to increase the exposed surface area of the carrier and/or the heat sink, such as projections or extensions (e.g., fins), recesses, slits, openings, or the like.