Disney has appointed former Morgan Stanley CEO, James P. Gorman, as its new Chairman, effective from January 2, 2025. Gorman will succeed Mark G. Parker in this role. Disney has also announced its intention to name its next CEO in early 2026, as part of the ongoing succession planning for replacing current CEO Bob Iger.
Gorman joined Disney's board less than a year ago and was appointed as the head of the succession planning committee in August. He will continue to lead this committee even as he takes on the role of Chairman. Known for his expertise in succession planning, Gorman successfully managed the transition of power at Morgan Stanley.
CEO Bob Iger expressed confidence in Gorman's leadership abilities, noting that the board has greatly benefited from his expertise. Iger also acknowledged Mark Parker's valuable contributions during his decade-long service, as Parker steps down to focus more on his commitments at Nike, where he serves as Executive Chairman. Nike recently appointed Elliott Hill as its new CEO.
Originally, Disney planned to announce the CEO successor in 2025, but to ensure a thorough selection process, the timeline has been extended to early 2026. This transition comes after Disney's board removed Iger's chosen successor, Bob Chapek, in November 2022, less than three years into his tenure, leading to Iger's return as CEO. Shareholders are eager for a reliable successor.
In March, Gorman highlighted Disney's structured approach to the CEO succession process. Iger's current contract as CEO expires on December 31, 2026, and he has delayed retirement multiple times. Discussions are ongoing about extending his term beyond 2026.
As of the latest U.S. stock market closing, Disney's (DIS, Financial) stock was priced at $96.62, with a slight decrease of 0.68%, bringing its market capitalization to $175.2 billion.
