The Walt Disney Company said it aims to pick a successor to CEO Bob Iger by early 2026 as it named former Morgan Stanley CEO James Gorman its next chairman of the board.
Disney said finding a CEO to succeed Iger is a “top priority” for Gorman, who joined the board earlier this year and is currently the head of its succession committee. In a Monday statement it said Gorman will succeed Mark Parker, a former CEO of Nike, as chairman on Jan. 2.
The Mouse House’s initial aim was for Disney to pick a successor to Iger sometime in 2025, but the company decided to push back the date in order to do its due diligence in vetting candidates, according to reports.
Gorman, who drew widespread praise for his handling of his own succession at Morgan Stanley, joined Disney’s board less than a year ago and was picked to head the succession planning committee in August. He will step down as executive chairman of Morgan Stanley on Dec. 31.
Morgan Stanley saw an orderly transition from Gorman to current boss Ted Pick. Since the start of the year, the company’s stock has gained nearly 30%.
“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 in a statement.
Disney’s history with succession planning for Iger has been chaotic at best. The longtime CEO had reportedly positioned at least three possible executives to take the reins, only to extend his own contract. Finally, he tapped Bob Chapek in early 2020, just prior to the onset of the coronavirus pandemic.
Chapek’s tenure was marred by brutal corporate infighting — much of it stemming from Iger undermining him, according to reports. He was fired by Disney’s board in November 2022.
Parker, who is also executive chairman of apparel giant Nike, will step down after a nine-year stint on the board “to focus on other areas” of his work, according to a statement from Disney.
He is expected to devote more of his time to matters related to Nike, which recently tapped Elliott Hill to take over as CEO in place of John Donahoe.
“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,” Iger said.