Walt Disney said it would announce another replacement for CEO Bob Iger in early 2026 and named a veteran of Morgan Stanley as board chair on Monday, for the first time announcing a timetable for succession at the storied media and entertainment company.
James Gorman will step down as executive chair of Morgan Stanley at the end of 2024 and take on the position at Disney in January. He had served as CEO of the Wall Street bank for 14 years and is credited with transforming it into a wealth management powerhouse.
Iger stepped down as CEO of Disney in 2020 after 15 years there, serving as executive chair for another year. However, in late 2022, Disney’s board dismissed Iger’s appointed successor, Bob Chapek, and requested Iger return. Investors criticized both men for the turmoil and a series of negative earnings reports, leading to a battle with activist investors. Iger’s current contract with Disney will expire in 2026.
In August, Gorman was named head of the committee charged with finding a replacement for Iger, who returned as the company’s CEO in 2022 to replace his hand-picked successor, Chapek. He had orchestrated a CEO succession plan in which Ted Pick took the reins at Morgan Stanley. Gorman’s experience will come in handy at Disney, which was criticized by the activist investor Nelson Peltz for its mishandling of succession.
Iger, credited with building out Disney’s media empire including through the high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, has seen his retirement date extended five times.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman said in a statement, adding that the timing would “allow ample time for successful transition before the conclusion of Bob Iger’s contract in 2026”.
Iger had initially planned to stay for two years after coming out of retirement but agreed to extend his tenure through 2026. His contract concludes in December 2026.
Gorman will succeed Mark Parker, who is leaving the Disney board after nine years. Parker, who also serves as executive chair of the struggling sports retailer Nike, said he planned “to focus on other areas of my work”.
“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 statement.
Disney said its board discussed succession planning at each of its regularly scheduled meetings in fiscal 2024 and continues to review both internal and external candidates.
Reuters reported last year that four Disney executives were seen as contenders for the role of CEO. Top among them is the Disney Entertainment co-chair Dana Walden, who is a creative TV executive in the mold of Iger, with a string of commercial and critical successes and strong talent relationships.
Other internal candidates include the Disney Experiences chair, Josh D’Amaro – an executive with Iger-like charisma whose portfolio includes the company’s most significant revenue engine, its theme parks – and the ESPN chair, Jimmy Pitaro, the likable executive who is guiding the sports network’s digital transition.
The Disney Entertainment co-chair Alan Bergman, a Disney veteran who oversees the film studio that has released a pair of blockbuster films this year, is also in the running.
