The Board of Directors of The Walt Disney Company named James Gorman, former Morgan Stanley executive director, as Chairman of the Board of the Company announced in a statement on monday. The change takes effect on January 2, 2025. Gorman is also chairman of the Succession Planning Committee working to identify a candidate to replace Bob Iger as CEO.
In the announcement, Disney outlined a timeline for naming a replacement for longtime CEO Bob Iger. Iger will step down from his position as CEO when his contract expires at the end of 2026.
“A critical priority before us is the appointment of a new CEO, which we now expect to announce in early 2026,” Gorman said in the statement. “This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow sufficient time for a successful transition before Bob Iger's contract expires in December 2026.”
Related: Bob Iger returns as Disney CEO and Bob Chapek resigns, effective immediately
Iger's successor was originally expected to be named in 2025, CNBC reported reported last year.
Gorman will succeed Nike Chief Executive Mark Parker as Chairman of the Board.
James Gorman, chairman of Morgan Stanley, during an interview on Bloomberg Television in New York, U.S., Wednesday, Jan. 3, 2024. Yuki Iwamura/Bloomberg via Getty Images
“The Disney Board has benefited tremendously from James Gorman's expertise and guidance, and we are fortunate to have him as our next Chairman – especially as the Board continues to move forward with the succession process,” Iger said. “I am extremely grateful to Mark Parker for his many years of service and leadership on the Board, which have been so valuable to this company and its shareholders, and to me as CEO.”
reports CNBC that the four executives who report directly to Iger have recently interviewed with the succession planning committee. That includes Disney Experiences chairman Josh D'Amaro, Disney Entertainment co-chairmen Dana Walden and Alan Bergman, and ESPN chairman Jimmy Pitaro.
Related: Who is Bob Iger, Two-Peat Disney CEO who rules the Magic Kingdom