Morgan Stanley Executive Chairman and then-CEO James Gorman speaks during an interview with Bloomberg TV on Thursday, October 26, 2023, in New York, USA.
Gina Moon | Bloomberg | Getty Images
disney The company said on Monday it has appointed James Gorman to succeed Mark Parker as the company’s next chairman, effective in January, as the media giant sets the stage for early 2026. ·Laid the foundation for Bob Iger’s successor.
Goldman joins Disney board of directors less than a year ago and was appointed chairman of the Succession Planning Committee in August. He will continue to lead the committee after succeeding Parker, Nike’s executive chairman, as board chairman.
“The Disney board has benefited greatly from James Gorman’s expertise and guidance, and we are fortunate to have him serve as our next chairman, especially as the board continues to move forward with the succession process,” Iger said in a statement. “I am deeply grateful for the many years of service and leadership Mark Parker has provided to the Board, which has been extremely valuable to the company and its shareholders and to me as CEO. “
Parker will step down from Disney’s board of directors after nine years to “focus on other areas,” according to a statement from Disney. This includes spending more time working NikeAccording to people familiar with the matter, related matters. Elliott Hill succeeded John Donahoe as CEO of Nike last week.
Early 2026
Disney initially aimed to announce a successor in 2025, according to CNBC reported last year. Pushing the date to early 2026 will give the board more time to conduct due diligence on internal and external candidates, according to people familiar with the matter.
Gorman has extensive experience with succession planning: He oversaw an orderly transition of power at Morgan Stanley, where Ted Peake succeeded him as CEO earlier this year.
Disney’s succession path has not been smooth. The board fired Iger’s handpicked successor, Bob Chapek, in November 2022 after a tumultuous tenure of less than three years. Iger is back as CEO, and now Disney shareholders are eager to see a succession plan executed.
According to reports, since Gorman took over in August, four of Iger’s direct reports — ESPN Chairman Jimmy Pitaro, Disney Experience Chairman Josh D’Amaro, Disney Entertainment Co-Chairman Dana Walden and Iger Len Bergman — have all been interviewed by the succession committee in recent weeks.
Gorman told CNBC in March that Disney was running a “forward-looking, forward-thinking, very disciplined process” before taking over as successor chairman of the board.
Walt Disney Company CEO Bob Iger attends the Disney Entertainment Showcase during D23: The Ultimate Disney Fan Event on August 9, 2024 in Anaheim, California.
Jesse Grant | Getty Images Entertainment | Getty Images
Still, while setting a specific timetable for naming a successor brings clarity to the search, it also means the question of who will succeed Iger will continue to dog the company for another year.
Iger has postponed his retirement five times to continue serving as Disney CEO. Activist investor Nelson Peltz’s unsuccessful campaign for a board seat earlier this year focused on the board’s failure to name a lasting successor.
Iger’s current contract as CEO runs until December 31, 2026.
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