Disney Appoints Gorman, Morgan Stanley Chairman, as Board Chair... Searching for Iger's Successor

"Announcement of New CEO in Early 2026"

The Walt Disney Company has appointed James Gorman, former CEO of Morgan Stanley, as the new chairman of the board and is beginning the search for the next leadership to succeed Disney CEO Bob Iger.

According to the Wall Street Journal (WSJ) on the 21st (local time), Disney announced that James Gorman, former Morgan Stanley CEO, will assume the position of Disney board chairman starting January 2nd next year.

James Gorman, Chairman of Morgan Stanley, appointed as the new chairman of Disney's board of directors
[Image source=AP Yonhap News]

This appointment follows the current chairman Mark Parker, former Nike CEO, who is scheduled to resign. Gorman served as Morgan Stanley CEO until last year and currently holds the position of chairman at Morgan Stanley.

Since August, Chairman Gorman has been serving as the chair of Disney's "Succession Planning Committee" within the board. With his upcoming role as board chairman starting next year, he plans to accelerate the search for a successor CEO. Gorman stated, "Appointing a new CEO is a priority for Disney," and added, "We expect to announce this (the successor CEO) in early 2026."

WSJ also reported that some predict Disney's board could name a strong successor CEO as early as next year.

WSJ analyzed that appointing Gorman as chairman signals Disney’s intention to give more authority to an outsider in selecting the next CEO. There had been criticism that Chairman Parker was too close to CEO Iger, which hindered sufficiently independent governance voices.

Disney has faced difficulties in finding a successor to CEO Iger. Iger led Disney for 15 years starting in 2005, then stepped down in 2020, handing over the position to former CEO Bob Chapek. However, Chapek was dismissed early due to poor performance and conflicts with Iger, who returned as CEO in 2022. His term lasts until the end of 2026.

According to WSJ and other foreign media, Disney is currently searching for next CEO candidates both inside and outside the company. After taking on the succession planning chair, Chairman Gorman reportedly interviewed four individuals within the company: Josh D’Amaro, chairman of Disney Experiences (theme parks and experiential businesses); Jimmy Pitaro, chairman of ESPN; and Dana Walden and Alan Bergman, co-chairmen of Disney Entertainment.