Disney announced that James Gorman will be the new chairman of the board and said that a new CEO will be named in early 2026.
Gorman, former CEO of Morgan Stanley and in charge of succession at Disney since August, will take over from Mark Parker as president. Parker, who is stepping down after nine years of service, will leave the board on Jan. 2, according to a statement released by Disney on Monday.
“A key priority for us is to appoint a new CEO, which we expect to announce in early 2026,” Gorman, 66, said in the statement. “This timeline reflects the progress of the Succession Committee and the Board and will allow for a successful transition before Bob Iger’s contract ends in December 2026.”
The succession process at Disney has been turbulent and the subject of much speculation. Iger returned to the role in 2022, initially for two years, following the resignation of his chosen successor, Bob Chapek. Iger’s contract has since been extended. In his first administration, Iger and the board negotiated several extensions over 15 years.
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Since his return, Disney has implemented a more formal succession planning process, creating a special committee chaired by Gorman. Iger insists this time he will leave permanently when his contract expires.
Gorman, who is also executive chairman of Morgan Stanley and will step down from that role on December 31, defied traditional Wall Street norms by making a smooth transition at the financial institution, choosing a successor from within the company and persuading other candidates to stay on. in the organization. His departure ends a career spanning almost two decades at Morgan Stanley.
In addition to Gorman, Disney’s Succession Planning Committee includes Mary Barra, CEO of General Motors, and Calvin McDonald, CEO of Lululemon Athletica Inc. According to Disney, the committee has met six times in fiscal year 2024.
The company is evaluating internal and external candidates to succeed Iger, whose second term as CEO runs until 2026. Among the main internal competitors, according to Bloomberg, are Dana Walden, head of TV; Jimmy Pitaro, president of ESPN; Josh D’Amaro, responsible for theme parks; and Alan Bergman, head of film.
