Disney names Morgan Stanley's James Gorman as subsequent board chairman; to nominate new CEO in early 2026

Walt Disney Co. named James Gorman chairman of the board and mentioned it would appoint a brand new chief govt officer in early 2026.

James Gorman, the previous chief govt officer of Morgan Stanley who was appointed to move Disney’s succession planning in August, will succeed Mark Parker as chairman. (Reuters)

Gorman, the previous chief govt officer of Morgan Stanley who was appointed to move Disney’s succession planning in August, will succeed Mark Parker as chairman. Parker is departing the board on Jan. 2 after 9 years of service, Disney mentioned in a press release on Monday.

“A vital precedence earlier than us is to nominate a brand new CEO, which we now anticipate to announce in early 2026,” Gorman, 66, mentioned within the assertion. “This timing displays the progress the Succession Planning Committee and the Board are making, and can enable ample time for a profitable transition earlier than the conclusion of Bob Iger’s contract in December 2026.”

CEO succession at Disney has been tumultuous and a topic of a lot hypothesis. Iger returned to the highest job in late 2022 for an preliminary interval of two years after the ouster of his handpicked successor, Bob Chapek. The firm has since prolonged his contract. In Iger’s first tenure, he and the board negotiated a number of extensions over 15 years.

Since his return, Disney has adopted a extra formal succession planning course of, creating the particular committee that Gorman chairs. Iger has insisted he’s leaving this time for good when his contract expires.

Gorman, who’s govt chairman of Morgan Stanley and is stepping down from that position on Dec. 31, defied deeply entrenched Wall Street norms with a cold handoff on the funding financial institution, choosing a successor from inside the agency whereas persuading the shedding candidates to remain. His departure caps an almost two-decade run on the agency.

In addition to Gorman, the Disney board’s succession planning committee consists of General Motors Co. CEO Mary Barra and Calvin McDonald, CEO of Lululemon Athletica Inc. The committee met six occasions in fiscal 2024, Disney mentioned.

Disney is weighing each inside and exterior candidates to succeed Iger, whose second time period as CEO runs by means of 2026.

Disney’s 4 divisional heads — TV chief Dana Walden, ESPN’s Jimmy Pitaro, theme-parks boss Josh D’Amaro and Alan Bergman, who heads the movie enterprise — are competing for the CEO position, Bloomberg has reported.

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