The Walt Disney Co. is shaking up its boardroom, with former Morgan Stanley CEO James Gorman set to become chairman of the board of directors early next year.
Gorman succeeds Nike executive chairman Mark Parker, who will exit the board after nine years.
In August, Gorman took over Disneys succession planning committee, which is tasked with finding a successor to CEO Bob Iger, and in a statement Monday the executive said that finding the next chief executive is a “critical priority,” with Disney now targeting early 2026, giving the person ample time to learn from Iger before his contract expires at the end of that year.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. 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,” Gorman said.
Parker will officially leave his role at the end of this year, with Gorman taking over officially on Jan. 2. According to an SEC filing, Parker informed the board of his decision to step aside on Friday.
“James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year, and I am extremely pleased that he has agreed to assume the role of Chairman upon my departure. 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,” said Parker in a statement. “As I prepare to leave the Board to focus on other areas of my work, I am proud of Disney’s renewed position of strength and excited for the company’s future, and I want to thank my fellow directors, Bob Iger and his exemplary management team for their continued strong leadership and dedication.”
“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 added. “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 exits after a tumultuous year for Disney’s board. In the spring, the company grappled with an activist proxy fight led by Nelson Peltz. Disney was ultimately successful, but it took resources and time away from the board’s work.
And over the summer, Oracle CEO Safra Catz exited the board, hoping to avoid a potential conflict of interest when her boas, Oracle founder Larry Ellison, takes over Paramount next year.
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