Disney has named James Gorman as the corporate's next chairman, effective January, replacing Mark Parker, because the media giant lays the groundwork for naming a successor to CEO Bob Iger in early 2026, the corporate said Monday.
Gorman joined the Disney board lower than a 12 months ago and was named head of the succession planning committee in August. He will proceed to steer this committee after taking on as chairman from Nike Executive Chairman Parker.
“The Disney Board has benefited tremendously from James Gorman’s expertise and leadership, and we are fortunate to have him as our next chairman – especially as the board continues to advance the succession process,” Iger said in an announcement. “I am extremely grateful to Mark Parker for his many years of service on the Board and his leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”
According to a Disney statement, Parker will step down after nine years on the Disney board “to focus on other areas” of his work. This also includes spending more time working Nike-related matters, based on an individual acquainted with the matter. Elliott Hill took over as Nike CEO last week, replacing John Donahoe.
Early 2026
Disney had originally targeted 2025 to announce a sequel, CNBC reported last 12 months. Pushing the date to early 2026 will give the board more time to conduct due diligence on each internal and external candidates, say people acquainted with the matter, who asked to not be named since the discussions are private .
Gorman has experience with succession planning: He oversaw the orderly transition of power at Morgan Stanley, with Ted Pick succeeding him as CEO earlier this 12 months.
The succession didn't go easily at Disney. The board fired Iger's hand-picked successor, Bob Chapek, in November 2022 after a tumultuous tenure that lasted lower than three years. Iger returned to the CEO post, and now Disney shareholders are desirous to see that a succession plan is in place.
Iger's 4 direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro and Disney Entertainment co-chairmen Dana Walden and Alan Bergman — have all been in the previous couple of weeks since Gorman took over in August , Interviews with the successor committee conducted the people familiar.
Gorman said in a CNBC interview in March before he took over on the board that Disney was running a “forward-looking, forward-thinking and incredibly disciplined process.”
But while setting a concrete timeline for naming a successor adds some clarity to the search, it also implies that the query of who will succeed Iger will proceed to weigh on the corporate for one more 12 months.
Iger has postponed his retirement five times to proceed leading Disney as CEO. Activist investor Nelson Peltz focused on the board's failure to call a everlasting successor after unsuccessfully fighting to win board seats earlier this 12 months.
Iger's current contract as CEO runs through Dec. 31, 2026. He and the board haven’t yet decided whether Iger will extend his term on the board beyond 2026, people familiar said.
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