James P. Gorman, the executive chairman of Morgan Stanley, will take over as chairman of the Walt Disney Co. Board of Directors on Jan. 2, the company announced Monday, with Gorman saying one of his top priorities will be choosing a new company CEO by early 2026.
Gorman, who was already planning to step down from his post at Morgan Stanley at the end of the year, will replace Mark G. Parker as Disney board chair. Parker will be leaving Disney on Jan. 2 after nine years.
“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,” Parker, the executive chairman of Nike Inc., said in a statement. “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.
“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’s contract as Disney CEO expires at the end of 2026.
“I am honored and humbled to have the opportunity to serve as Disney’s chairman at this important moment in the company’s history,” Gorman said in a statement. “… A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. 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.”
Gorman has been chairing the Disney board’s Succession Planning Committee, which has already been working to identify a successor for Iger.