Walt Disney Co. on Monday said it now aims to name Chief Executive Bob Iger‘s successor in “early 2026,” later than many observers previously expected.
The Burbank-based entertainment giant disclosed the updated plan on Monday, as it named James P. Gorman chairman of its board of directors, replacing Mark G. Parker, who is leaving in January after nine years.
Gorman, currently executive chairman of Morgan Stanley, chairs the Disney board’s succession planning committee, which is working to identify and prepare the company’s next leader before Iger’s contract expires.
In a statement, Gorman said the new timing of the succession pick “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,” Gorman said.
The board’s succession planning committee, in addition to Gorman, includes directors Mary Barra, Calvin McDonald and Parker until his departure. The committee met six times in fiscal 2024 and the board discussed succession planning at each of its regularly scheduled meetings in fiscal 2024, the company said.
“Drawing on his vast experience, James [Gorman] is expertly guiding the extensive search process for a new CEO, which remains a top priority for the Board,” said Parker, who is also executive chairman of Nike.
The question of who will succeed Iger has been the subject of much drama inside Disney in recent years. Iger returned to lead Disney in November 2022 after less than a year to replace his hand-picked successor Bob Chapek, who was ousted by the board after a number of setbacks during his nearly three years as chief executive.