Walt Disney has announced the appointment of James Gorman as its new chairman, effective January 2025, as the company prepares for a major leadership transition.
Gorman, currently serving as the executive chairman of Morgan Stanley, will succeed Mark Parker, who is stepping down from the Disney board after nine years of service.
This leadership change comes as Disney sets its sights on appointing a new CEO in early 2026.
The current CEO, Bob Iger, who returned to the role in November 2022 after the removal of his successor Bob Chapek, will continue to lead the company until his planned departure. Iger had initially returned for a two-year term but has extended his tenure to ensure a smooth transition to new leadership.
In his new role, Gorman will also oversee the company’s CEO succession planning process, which is a top priority for the board.
Gorman, a seasoned executive with decades of leadership experience at Morgan Stanley, has been instrumental since joining Disney’s board earlier this year, and his appointment reflects the company’s confidence in his ability to guide this crucial transition.
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“James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year,” said Parker, the outgoing chairman. “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, who is also the executive chairman of NIKE, Inc., expressed his pride in Disney’s strengthened position as he prepared to step down, thanking the board, Iger, and the management team for their leadership and dedication.
Bob Iger echoed Parker’s sentiments, praising both Parker’s service and Gorman’s contributions.
“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 invaluable to this company and its shareholders.”
As Disney navigates its future, Gorman’s leadership will be crucial in steering the company through this transition and identifying the next CEO who will shape Disney’s post-Iger era.
This move comes at a pivotal moment for Disney, as it continues to restructure its business amidst an evolving media landscape and prepares to adapt to emerging market challenges.