The Walt Disney Co. has announced that James Gorman, executive chairman of Morgan Stanley, will become its new board chairman, as the company gears up for the planned exit of its two-time CEO Bob Iger.
Disney said Gorman will assume the role in January, succeeding Mark Parker, who will step down from the board after nine years of service.
Gorman, who was tapped to lead Disney’s succession planning committee in August, will play a more central role in the company's ongoing search for the company's next chief executive after Iger.
In a statement, Gorman noted that Disney plans to announce a new CEO by early 2026.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman said. “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.”
Iger, who initially retired in 2021, returned to Disney in November 2022 after the board dismissed his successor, Bob Chapek. While his original intention was to serve a two-year term, Disney extended Iger’s contract through 2026 to ensure stability while the company searches for new leadership.
Under Gorman’s leadership, Disney’s succession planning has become a more formalized process, with the creation of a special committee that also includes General Motors CEO Mary Barra and Lululemon Athletica CEO Calvin McDonald. The committee convened six times during Disney’s 2024 fiscal year as part of the effort to identify candidates for the top position.
"The Disney board has benefited tremendously from James Gorman’s expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,” Iger said.
"I’m extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO," he added."
Gorman, who will step down from Morgan Stanley at the end of this year, brings extensive experience in succession planning.
He previously led the Wall Street giant as its CEO for 13 years, a position he gave up at the end of the 2024 calendar year. Notably, Gorman managed the internal selection of his own successor while ensuring that those passed over remained with the firm, a feat of continuity management not typically seen on Wall Street.
Disney is considering both internal and external candidates for the CEO role, with Iger emphasizing that he plans to permanently depart when his contract expires in 2026.
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