James Gorman, exec chairman and then-chief exec of Morgan Stanley, talks throughout a Bloomberg Television meeting in New York, United States, on Thursday,Oct 26, 2023.
Jeenah Moon|Bloomberg|Getty Images
Disney has actually touched James Gorman to change Mark Parker as the firm’s following chairman, efficient in January, as the media titan prepares to call a follower for chief executive officer Bob Iger in very early 2026, the firm claimed Monday.
Gorman signed up with Disney’s board less than a year ago and was called the head of the sequence preparation board inAugust He will certainly remain to lead that board after he takes control of as board chairman from Nike Executive Chairman Parker.
“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 claimed in a declaration. “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 will certainly tip down after 9 years on the Disney board “to focus on other areas” of his job, according to a Disney declaration. That consists of investing even more time dealing with Nike– relevant issues, according to an individual aware of the issue. Elliott Hill took control of as Nike chief executive officer recently, changing John Donahoe.
Early 2026
Disney had actually originally targeted 2025 to reveal a follower, as reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.
Gorman has experience with succession planning: He oversaw the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO there at the start of this year.
Succession hasn’t been smooth at Disney. The board fired Iger’s handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years. Iger returned to the CEO job, and now, Disney shareholders are eager to see a succession plan stick.
Iger’s four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks, since Gorman took over in August, according to the people familiar.
Gorman said in a interview in March, before taking over as the board’s succession chair, that Disney was running a “forward-looking, forward-leaning, incredibly disciplined process.”
Bob Iger, CEO, The Walt Disney Company appears at the Disney Entertainment Showcase at D23: The Ultimate Disney Fan Event in Anaheim, California on August 09, 2024.
Jesse Grant | Getty Images Entertainment | Getty Images
Still, while putting a specific timeline on naming a successor adds a bit of clarity to the search, it also means the question of who will take over for Iger will continue to hover over the company for another year.
Iger has pushed back his retirement five different times to continue to lead Disney as CEO. Activist investor Nelson Peltz focused on the board’s failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year.
Iger’s current contract as CEO runs until Dec. 31, 2026. He and the board haven’t decided if Iger will extend his board tenure past 2026, said the people familiar.
