The House of the Mouse just announced that James Gorman will serve as its next chairman of the board starting January 2025, and that a new CEO will be appointed in 2026.
Gorman will leave his executive role at investment bank Morgan Stanley at the end of the year to succeed Mark Parker, who is leaving to focus on Nike after serving on Disney’s board for nine years.
Gorman is no stranger to Disney: he is currently presiding over Disney Board’s succession planning committee, which is working to identify and prepare the next CEO.
“James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year,” Disney CEO Bob Iger said in a statement on Monday.
“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.”
Gorman has previous succession planning experience, as he oversaw the process at Morgan Stanley to much acclaim.
“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 the statement, Gorman said he expects to be naming the new company CEO in “early 2026.”
In addition to Gorman, all members of Disney’s succession planning committee have direct experience in CEO and senior leadership succession planning for Fortune 500 companies.
The committee met six times in fiscal 2024, and is working closely with the full board on the substance of the decisions to be made, the company said.
Gorman, 66, joined Morgan Stanley in 2006 and was named vice-president just one year later. He went on to serve as its CEO from 2010 to 2023, and as chairman from 2012 to 2023.
Currently, the Walt Disney Company is being run by 73-year-old Bob Iger, the former CEO who returned to his executive role in late 2022 to help the ailing business after it had ousted Iger’s handpicked successor, Bob Chapek.
Though Iger returned as interim CEO, Disney has since extended his contract.
Iger was Disney’s public face for 15 years, compiling a string of victories lauded in the entertainment industry and by Disney fans, before he retired in 2020.
Gorman said that by naming Disney’s next CEO in 2026, it “will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026.”
Disney is considering both internal and external candidates for the CEO position. Internal candidates participate in a preparation process that includes mentorship from Iger, external coaching, and engagement with all board directors.
Shares of the company moved downward 67 cents to $96.62 in the day’s trading following the announcement.
Disney will announce its fourth quarter financial results on Nov. 14.
The Associated Press contributed to this article.