Disney Appoints James Gorman As New Chair, Sets Timeline For CEO Succession

The Walt Disney Company has appointed James Gorman, a veteran of Morgan Stanley, as its new chair, while also announcing that a replacement for CEO Bob Iger will be named in early 2026. 

Gorman, who will step down as executive chair of Morgan Stanley at the end of this year, will officially take over at Disney in January 2025. His appointment comes as the entertainment giant seeks to address concerns over leadership transitions that have drawn criticism from activist investors.

Gorman is widely respected for transforming Morgan Stanley during his 14-year tenure as CEO, overseeing its evolution into a wealth management leader. His experience in orchestrating a smooth CEO succession at the Wall Street bank has made him a key figure in Disney’s ongoing efforts to replace Iger. 

In August, Gorman was named head of the committee tasked with finding Iger’s successor, a crucial decision that the company now plans to finalise by early 2026.

Iger, a visionary leader who played a pivotal role in building Disney’s media empire with acquisitions such as Pixar, Marvel, and Lucasfilm, returned to the company in 2022 following the departure of his chosen successor, Bob Chapek. Originally slated to serve for two more years, Iger agreed to extend his term through 2026. Disney emphasised that the extended timeline will ensure a smooth transition for the incoming CEO before Iger’s contract expires in December of that year.

Gorman will succeed Mark Parker, the current Disney chair, who is stepping down after nine years to focus on other commitments, including his role as executive chair of Nike. Parker acknowledged the importance of the succession process, commending Gorman for expertly leading the search for Disney's next CEO. The board has actively discussed succession at each of its meetings in 2024 and is considering both internal and external candidates for the role.

Among the internal contenders are several high-profile Disney executives, including Dana Walden, co-chair of Disney Entertainment, known for her successes in television and close ties with creative talent. Other candidates include Josh D’Amaro, the charismatic chairman of Disney Experiences, who oversees the company’s lucrative theme park business, ESPN chairman Jimmy Pitaro, who is guiding the network’s digital shift, and Disney veteran Alan Bergman, who has steered the company’s film division through a string of recent blockbusters.