Walt Disney Co. named James Gorman chairman of the board and said it will appoint a new chief executive officer in early 2026.
Gorman, the former chief executive officer of Morgan Stanley who was appointed to head Disney's succession planning in August, will succeed Mark Parker as chairman. Parker is departing the board on Jan. 2 after nine years of service, Disney said in a statement on Monday.
"A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026," Gorman, 66, said in the statement. "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."
CEO succession at Disney has been tumultuous and a subject of much speculation.
Iger returned to the top job in late 2022 for an initial period of two years after the ouster of his handpicked successor, Bob Chapek. The company has since extended his contract. In Iger's first tenure, he and the board negotiated several extensions over 15 years.
Since his return, Disney has adopted a more formal succession planning process, creating the special committee that Gorman chairs. Iger has insisted he is leaving this time for good when his contract expires.
