Disney Taps James Gorman as Chairman; Board Expects to Name CEO Replacement for Bob Iger in Early 2026

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

Gorman will succeed Mark Parker, executive chairman of Nike, who concurrently is leaving the Disney board on Jan. 2 after nine years. Gorman is executive chairman of Morgan Stanley and as previously announced he will be stepping down from that role on Dec. 31, 2024.

Gorman is currently chair of the Disney board’s succession planning committee, which is working “to identify and prepare the next chief executive officer of The Walt Disney Company,” the Mouse House said in a statement.

Related Stories

VIP+

Ubisoft Has Little Choice in Potential Tencent Acquisition

Alex Wolff Opens Up About Channeling Leonard Cohen, Going Aggro for Frat Drama 'The Line' and Touring With BFF Billie Eilish

“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman said in a statement provided by Disney. “This timing 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.”

The issue of CEO succession at Disney was a flash point in the protracted proxy fight launched by activist investor Nelson Peltz, who alleged Disney’s board failed to do its job with respect to CEO succession planning in not vetting former parks boss Bob Chapek, who was Iger’s personal pick to take over the job in 2020. The board ousted Chapek in November 2022 and Iger returned as CEO. Peltz ultimately lost his bid to shake up Disney’s board (seeking seats for himself and former Disney CFO Jay Rasulo) and earlier this year reportedly sold all his Disney shares.

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

Parker said in a statement, “James Gorman is an esteemed 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 assume the role of chairman upon my departure. Drawing on his vast experience, James is expertly guiding the extensive search process for a new CEO, which 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 of strength and excited for the company’s future, and I want to thank my fellow directors, Bob Iger and his exemplary management team for their continued strong leadership and dedication.”

Iger commented: “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. “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.”

Gorman said, “I am honored and humbled to have the opportunity to serve as Disney’s chairman 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 directors join me in saying we have been honored to serve with him as the chairman of the board.”

Gorman oversaw the recent succession process at Morgan Stanley, where he had previously served as the firm’s CEO. In August, the board tapped Gorman to lead the CEO succession committee, taking over the role from Parker.

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