Walt Disney announced on Monday that James Gorman, a veteran from Morgan Stanley, will become its chairman. The company also revealed plans to appoint a new CEO to replace Bob Iger in early 2026, marking an important step in its succession plan.
Gorman, who will step down as executive chairman of Morgan Stanley at the end of 2024, is set to assume his new role at Disney in January. He recently ended his tenure as CEO of Morgan Stanley, where he spent 14 years and transformed the bank into a wealth management powerhouse.
During his time at Morgan Stanley, Gorman implemented a unique succession plan that allowed Ted Pick to take over as CEO while retaining two other candidates—Andy Saperstein and Dan Simkowitz—a rare move on Wall Street. This experience will be crucial at Disney, where Gorman has been leading the search committee for Iger’s successor since August.
Bob Iger, recognized for significantly expanding Disney’s media empire through high-profile acquisitions like Pixar, Marvel, and Star Wars, has seen his retirement date postponed five times. He initially intended to stay on for two years after returning from retirement but has now agreed to extend his tenure until December 2026.
Gorman will replace Mark Parker on the Disney Board, who is leaving after nine years. Parker, who also serves as executive chairman of struggling sports retailer Nike (NKE.N), stated that he intends to focus on other areas of his work.
In a statement, Parker said, “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.” Disney’s board has been discussing succession planning at each of its regularly scheduled meetings in fiscal 2024 and continues to review both internal and external candidates.