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James Gorman, the former Morgan Stanley CEO who joined Disney‘s board earlier this year in a signal to investors about the company’s succession process, has been named chairman.
He will succeed Mark Parker on January 2, 2025. Parker is leaving the board after serving on it for nine years.
Gorman remains executive chairman at Morgan Stanley but will be relinquishing that position on December 31. He currently leads Disney’s succession planning committee and gained notice in the business community for engineering a smooth succession process at Morgan Stanley.
Disney CEO Bob Iger is widely admired, but succession has been a notable flaw. After reversing himself multiple times about retirement plans, Iger eventually handed the reins to Bob Chapek in 2020. The move backfired, with Chapek facing internal and external criticism before being forced out in 2022. Iger returned to the CEO role and has a deal through 2026 but has vowed to execute a better handoff this time around.
“James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year, and 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 said in a press release. “As I prepare to leave the Board to focus on other areas of my work, I am proud of Disney’s renewed position of strength and excited for the company’s future, and I want to thank my fellow directors, Bob Iger and his exemplary management team for their continued strong leadership and dedication.”
Iger said the 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.” He added his gratitude to Parker for his “many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”
Gorman said appointing a new CEO is “a critical priority” for Disney, with the new top exec set to be announced in early 2026, ahead of the expiration of Iger’s contract in December of that year.
About the Succession Planning Committee
The Board’s Succession Planning Committee is chaired by Gorman and includes directors Mary T. Barra and Calvin R. McDonald, as well as Parker until his departure. The Committee and the full Board continue to undertake a deliberate and thoughtful succession planning process, including evaluation of transition structures and organizational frameworks, and planning for potential impacts of succession decisions across the Company. The Committee met six times in fiscal 2024, consistently engaging with the full Board on the substance of the decisions to be made. The Board discussed succession planning at each of its regularly scheduled meetings in fiscal 2024. The Committee and Board continue to review internal candidates and external candidates.
