Gorman Named Disney Chairman; The board expects to appoint the CEO in early 2026

The Walt Disney Co. board named James Gorman — who is leading the committee to find a successor to CEO Bob Iger — as chairman, effective Jan. 2, 2025. Under Gorman's leadership, Disney now expects to announce a new CEO soon in 2026.

Gorman will succeed Nike CEO Mark Parker, who is also leaving the Disney board on Jan. 2 after nine years. Gorman is Chairman of Morgan Stanley and will step down from that position on December 31, 2024, as previously announced.

Gorman currently chairs the Disney Board of Directors' Succession Planning Committee, which works to “identify and prepare the next CEO of The Walt Disney Company,” the Mouse House said in a statement.

“A critical priority for us is the appointment of a new CEO, which we now expect to announce in early 2026,” Gorman said in a Disney statement. “This timeline reflects the progress the Succession Planning Committee and Board of Directors are making and will allow sufficient time for a successful transition prior to the completion of Bob Iger’s contract in December 2026.”

The issue of CEO succession at Disney has been a flashpoint in the long-running proxy dispute of activist investor Nelson Peltz, who claimed the Disney board failed to do its job on CEO succession planning by appointing former park chief Bob Chapek, the Iger heard, not verified personal decision to take the job in 2020. The board fired Chapek in November 2022 and Iger returned as CEO. Peltz ultimately failed in his attempt to shake up the Disney board (seeking seats for himself and former Disney CFO Jay Rasulo) and reportedly sold all of his Disney shares earlier this year.

In addition to Gorman, the members of the Disney board's succession planning committee include directors Mary Barra and Calvin McDonald, as well as Parker until his departure in early 2025. According to Disney, the committee met a total of six times in fiscal year 2024. The board discussed succession planning at each of its regularly scheduled meetings meetings during the financial year. The company said the committee and board “continue to consider internal and external candidates.”

Parker said in a statement: “James Gorman is a valued leader who has become an invaluable voice on the Disney Board since joining earlier this year, and I am extremely pleased that he has agreed to continue following my departure “With his extensive experience, James is expertly leading the comprehensive search process for a new CEO, who remains a top priority for the Board.”

Parker continued: “As I prepare to leave the Board to focus on other areas of my work, I am proud of Disney's renewed position and look forward to the company's future. “I would like to thank my fellow board members Bob Iger and his exemplary staff.” We thank the management team for their continued strong leadership and commitment.”

Iger commented: “The Disney Board has benefited tremendously from James Gorman's expertise and leadership, 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 on the Board and his leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”

Gorman said: “I am humbled and honored to have the opportunity to serve as Chairman of Disney at this important moment in the company’s history. In the short time I have had the opportunity to work with Mark, I have come to appreciate and deeply respect his authentic leadership, humility and intelligence. I know all of the directors agree with me and say we are honored to serve with him as chairman.”

Gorman led the recent succession process at Morgan Stanley, where he previously served as the company's CEO. In August, the board named Gorman to head the CEO succession committee, taking over Parker's role.

Before joining Morgan Stanley in 2006, Gorman held leadership positions at Merrill Lynch and was a senior partner at McKinsey & Co. He is a director of the Council on Foreign Relations, chairman of the board of Columbia Business School and a member of the Economic Council. Gorman was formerly a director of the Federal Reserve Bank of New York, president of the Federal Advisory Council of the US Federal Reserve Board and co-chair of the business committee of the Metropolitan Museum of Art.