Disney names Morgan Stanley's James Gorman as next board chairman; to appoint new CEO in early 2026

Walt Disney Co. named James Gorman chairman of the board and said it will appoint a new chief executive officer in early 2026.

Published on: Oct 21, 2024, 19:05:06 IST

BloombergPosted by Shweta Kukreti

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Walt Disney Co. named James Gorman chairman of the board and said it will appoint a new chief executive officer in early 2026.

James Gorman, the former chief executive officer of Morgan Stanley who was appointed to head Disney’s succession planning in August, will succeed Mark Parker as chairman. (Reuters)

Gorman, the former chief executive officer of Morgan Stanley who was appointed to head Disney’s succession planning in August, will succeed Mark Parker as chairman. Parker is departing the board on Jan. 2 after nine years of service, Disney said in a statement on Monday.

“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman, 66, said in the statement. “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.”

CEO succession at Disney has been tumultuous and a subject of much speculation. Iger returned to the top job in late 2022 for an initial period of two years after the ouster of his handpicked successor, Bob Chapek. The company has since extended his contract. In Iger’s first tenure, he and the board negotiated several extensions over 15 years.

Since his return, Disney has adopted a more formal succession planning process, creating the special committee that Gorman chairs. Iger has insisted he is leaving this time for good when his contract expires.

Gorman, who is executive chairman of Morgan Stanley and is stepping down from that role on Dec. 31, defied deeply entrenched Wall Street norms with a bloodless handoff at the investment bank, picking a successor from within the firm while persuading the losing candidates to stay. His departure caps a nearly two-decade run at the firm.

In addition to Gorman, the Disney board’s succession planning committee includes General Motors Co. CEO Mary Barra and Calvin McDonald, CEO of Lululemon Athletica Inc. The committee met six times in fiscal 2024, Disney said.

Disney is weighing both internal and external candidates to succeed Iger, whose second term as CEO runs through 2026.

Disney’s four divisional heads — TV chief Dana Walden, ESPN’s Jimmy Pitaro, theme-parks boss Josh D’Amaro and Alan Bergman, who heads the film business — are competing for the CEO role, Bloomberg has reported.

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ABOUT THE AUTHOR
Shweta Kukreti
Shweta Kukreti has over 8 years of experience in covering Indian and world politics. She joined the Hindustan Times in 2024 and is primarily assigned to the US desk. She currently works as Deputy Chief Content Producer and reports on a wide range of topics, including US politics, immigration issues (especially H-1B visa) and major global events. Shweta strongly emphasizes team operations, which encompasses monitoring news, delegating tasks, editing, developing comprehensive coverage strategies, and crafting engaging, and data-informed narratives. She received the Digi Star Award at the Hindustan Times within a year of joining for her broad coverage of US politics. In 2025, she earned both a promotion and a redesignation, a significant achievement recognising her contributions and the strong value she brings to the team. She has previously worked with the Indian Express, HTDS, ANI and Republic World. Seniors in all the media organisations recognised her work. Regarding education, she earned a BA (Hons.) in Political Science and a master's degree from Delhi University, and she pursued a PG Diploma in English Journalism from the Indian Institution of Mass Communication (IIMC). She also holds a diploma in Women's Empowerment and Development from IGNOU University and a French certification course from Alliance Française de Delhi. If not working, you can find her exploring the hills and engaging in adventurous activities in Rishikesh and Himachal Pradesh. She loves to play badminton, volleyball, and chess, and spend time with her friends and family. She also enjoys spiritual activities.Read More

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