Disney has announced the appointment of James Gorman, a Morgan Stanley executive, as its next chairman, with plans to assume the role early next year. The company is also looking to name a new CEO by early 2026.
Gorman is set to take on the position of chairman from January 2, 2025, succeeding Mark Parker, who has been a board member at Disney for nine years. Currently, Gorman chairs Disney’s succession planning committee and is the executive chairman at Morgan Stanley, a role he will be stepping down from later this year. He previously held the positions of CEO and chairman at Morgan Stanley.
Having overseen succession planning at Morgan Stanley, Gorman brings valuable expertise to Disney’s board. CEO Bob Iger expressed his confidence in Gorman, stating, “The Disney board has benefited tremendously from James Gorman’s expertise and guidance.” Iger returned to Disney in 2022 following challenges faced by the company during the tenure of his chosen successor, Bob Chapek.
In a statement, Gorman highlighted that the timeline for appointing Disney’s next CEO aligns with Iger’s contract conclusion in December 2026, allowing for a smooth transition. The search for the new CEO is ongoing, considering both internal and external candidates.
The announcement has had a slight impact on Disney’s shares, with a 32-cent drop to $96.97 in morning trading. As the company navigates through this transition period, stakeholders are keen to see the outcomes of these strategic leadership changes.