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Highlights:
- Disney aims to name its next CEO by early 2026, providing a smooth transition before Bob Iger’s contract ends in December 2026.
- James Gorman, currently executive chairman of Morgan Stanley, will take over as chairman of Disney’s board starting January 2, 2025.
- Mark Parker, Nike executive chairman, will step down from Disney's board, ending his nine-year tenure to focus on other commitments.
Walt Disney Co (NYSE:DIS) announced on Monday that it plans to appoint its next CEO by early 2026, marking a significant leadership transition for the entertainment giant. The company revealed that James Gorman, currently executive chairman of Morgan Stanley (NYSE:MS), will take over as chairman of Disney’s board on January 2, 2025. Gorman will replace Nike executive chairman Mark Parker, who is stepping down from the Disney board after nine years of service.
The CEO succession process is being managed by Disney's Succession Planning Committee, chaired by Gorman. This committee will decide on the next CEO before Bob Iger’s contract concludes in December 2026. Iger, who originally served as Disney’s CEO from 2005 to 2020, returned to the role in 2022 following the removal of his successor Bob Chapek. Disney stated that the CEO selection timeline allows for an ample transition period to ensure a seamless handover of leadership.
Gorman, who joined Disney’s board less than a year ago, has quickly risen to prominence within the company’s leadership. His appointment as chairman is seen as part of a broader strategy to guide Disney through this period of change. Iger praised Gorman’s contributions to the board and expressed confidence in his leadership as the company navigates this pivotal phase. Iger also acknowledged Mark Parker’s years of service and leadership, noting his significant role in shaping Disney’s direction during his tenure on the board.
Gorman commented on his new role, emphasizing that one of the board’s top priorities is finding the right candidate to succeed Iger. He confirmed that the decision will be made by early 2026, providing ample time for a thorough and thoughtful selection process. Gorman’s focus will be on ensuring the transition aligns with Disney’s long-term strategic goals and preserves its position as a global leader in entertainment.
Parker’s departure from the board is attributed to his desire to focus on other professional responsibilities. Disney emphasized that Parker’s contributions have been invaluable over the years, and Iger expressed his gratitude for Parker’s steady leadership during a transformative period for the company.
