Disney has announced that James Gorman, the former CEO of Morgan Stanley, will succeed Mark Parker as the company's new chairman starting in January next year. This leadership change is part of Disney's broader plan to appoint a successor to CEO Bob Iger by early 2026.
Gorman, who joined Disney's board less than a year ago and was recently appointed as the chair of the succession planning committee, brings extensive experience in managing leadership transitions. He successfully oversaw a smooth handover of power at Morgan Stanley. Current CEO Bob Iger has expressed his welcome to Gorman's leadership and recognized the valuable service of Mark Parker over the years.
Mark Parker, who has been with Disney for nine years and also serves as executive chairman at Nike, is stepping down to focus more on responsibilities at Nike. Meanwhile, Nike has appointed Elliott Hill as its new CEO, replacing John Donahoe.
Originally, Disney planned to announce Iger's successor in 2025, but the timeline has now shifted to early 2026 to allow more thorough consideration of both internal and external candidates. Disney's succession has not been smooth; the board had previously dismissed Bob Chapek, Iger’s chosen successor, after a brief tenure, which led to Iger's return as CEO. Shareholders are eager for a reliable successor, as Iger’s contract is set to expire at the end of 2026. Whether he will extend his tenure is yet to be decided.
Iger’s four direct reports, including ESPN Chairman Jimmy Pitaro and Disney Entertainment Co-Chairs Dana Walden and Alan Bergman, have been interviewed by the succession committee. Gorman, before taking on the role of succession chair, emphasized in March that Disney is conducting a "planned, visionary, and rigorous process" to find the right successor.
