The Walt Disney Company announced Monday that James Gorman, current Executive Chairman of Morgan Stanley, will succeed Mark Parker as Chairman of the Board, effective January 2025. This move comes as Disney lays the groundwork for CEO Bob Iger’s succession, with a new chief executive expected to be named in early 2026.
Gorman, who joined Disney’s board less than a year ago, has been leading the succession planning committee since August. His experience overseeing a smooth CEO transition at Morgan Stanley makes him a key figure in identifying and preparing Iger’s replacement.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026,” Gorman said.
This announcement provides a clearer timeline for Iger’s departure, following a period of uncertainty and a previous CEO transition that saw Bob Chapek ousted after a brief and turbulent tenure. Iger returned to the helm in 2022, and shareholders are eager for a more stable succession plan this time around.
The company had initially aimed to name a successor by 2025, but has pushed that date to early 2026 to allow for a more thorough search. Several internal candidates, including ESPN Chairman Jimmy Pitaro and Disney Parks Chairman Josh D’Amaro, are reportedly under consideration.
While the extended timeline provides some clarity, it also means the question of Iger’s successor will continue to loom over the company. Iger, whose current contract runs through 2026, has delayed his retirement multiple times in the past. The company has not yet determined if he will remain on the board beyond his current CEO term.
This leadership transition comes at a critical time for Disney, as the company navigates the evolving media landscape and faces challenges in its streaming business. The choice of Iger’s successor will have a significant impact on the future direction of the entertainment giant.