Disney has provided a clearer timeline for its leadership transition, stating it will name a successor to CEO Bob Iger by early 2026.
The entertainment giant also announced that James Gorman, former CEO of Morgan Stanley, will become its new board chairman in January 2025, replacing Mark Parker. These developments aim to reassure investors and address long-standing concerns about Disney’s succession planning.
Gorman, who currently leads Disney’s succession committee, emphasized that appointing a new CEO is a top priority. The timeline allows for a smooth transition before Iger’s contract expires in December 2026. This announcement follows years of uncertainty regarding Iger’s retirement. After extending his tenure multiple times and stepping down briefly, Iger returned in 2022 to replace Bob Chapek, who was ousted after a tumultuous period as CEO.
Disney’s board, under pressure from investors, has faced criticism for its handling of leadership transitions in the past. Chapek’s appointment and subsequent fallout, marked by internal power struggles and shareholder lawsuits, highlighted the need for a more structured succession plan.
Several high-profile Disney executives, including Dana Walden (head of television), Josh D’Amaro (theme parks and video games), Alan Bergman (movie division), and Jimmy Pitaro (ESPN), are seen as potential candidates to succeed Iger. The selection process has attracted widespread attention in Hollywood, fueling speculation over who will take the top job. Gorman’s announcement of the 2026 timeline is viewed as an effort to temper rumors and keep the focus on the company’s ongoing work.
Gorman’s appointment as chairman and his experience at Morgan Stanley, where he successfully navigated a high-profile succession, have been well-received. His leadership is expected to help Disney steer through the final stages of its CEO transition. The board also indicated that external candidates are being considered, keeping options open for the company’s future.
Mark Parker, the outgoing board chair and former CEO of Nike, will step down in early 2025 to focus on his responsibilities at Nike, where he continues to serve as executive chairman. Parker, who joined Disney’s board in 2016, declined to step in as interim CEO during Chapek’s leadership struggles, citing his commitments at Nike.
The Financial Times, the New York Times and the Wall Street Journal contributed to this report.
