Disney to appoint former Morgan Stanley CEO as new chairman

Investing.com -- Walt Disney Company (NYSE:DIS) has named James Gorman as its next chairman, set to take over in January, as the company moves forward in its efforts to find a successor for CEO Bob Iger by early 2026.

Gorman, former Morgan Stanley (NYSE:MS) CEO who joined Disney’s board less than a year ago, was appointed to lead the succession planning committee in August. After assuming the role of board chairman from Nike (NYSE:NKE)'s Executive Chairman Mark Parker, Gorman will continue heading the succession process.

"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 in a Monday announcement.

“I’m extremely grateful to Mark 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.”

Parker, who has served on Disney's board for nine years, will step down “to focus on other areas” of his work, including more involvement with Nike, according to CNBC, citing sources familiar with the matter.

Last week, Nike saw Elliott Hill replace John Donahoe as CEO.

Disney had originally aimed to name a successor in 2025, as CNBC reported last year. However, the decision has now been pushed to early 2026, allowing the board more time to thoroughly evaluate both internal and external candidates, the news outlet said.

Disney's succession process has been a bumpy ride. The board dismissed Bob Chapek, Iger's chosen successor, in November 2022 after a tumultuous period that lasted under three years. Iger returned to his CEO role, and shareholders are now keen to see a stable succession plan in place.

Iger’s four top executives — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all been interviewed by the succession committee in recent weeks, following Gorman's appointment as head of the committee in August, according to CNBC.