Disney power transition: Former Morgan Stanley CEO to be appointed as Chairman, new CEO to be announced in 2026

Disney announced on Monday that James Gorman has been appointed to succeed Mark Parker as the company's next chairman, with the appointment set to take effect in January next year. This move is in preparation for Disney to select a successor to CEO Bob Iger in early 2026.

James Gorman joined the Disney board less than a year ago and was appointed chairman of the succession planning committee in August this year. He will continue to lead the committee while serving as chairman. Gorman has extensive experience in succession planning, having previously overseen a smooth transition of power at Morgan Stanley.

Bob Iger welcomed Gorman's appointment, stating in a statement, "The Disney board has greatly benefited from James Gorman's expertise and guidance, and we are fortunate to have him as the next chairman, especially as the board continues to advance the succession plan. I am also very grateful for Mark Parker's years of service and leadership on the board, which has been invaluable to the company, shareholders, and myself as CEO."

According to Disney's statement, current chairman Mark Parker, who has not yet stepped down, is the executive chairman of Nike. He has served on the Disney board for nine years and is now resigning to pursue other endeavors, including more involvement in Nike's work. It was revealed by sources that Nike also welcomed a new CEO last week, with Elliott Hill taking over from John Donahoe.

CNBC reported last year that Disney originally planned to announce a successor in 2025. However, sources indicate that in order to carefully select the right candidate, they have postponed the date to early 2026, giving the board more time to conduct due diligence on internal and external candidates.

Disney's succession process has not been smooth. The board dismissed Bob Chapek, Iger's personally chosen successor, in November 2022, less than three years into his term. Subsequently, Iger resumed the role of CEO. Now, Disney shareholders are hoping the company will find a reliable successor.

Sources revealed that since Gorman took office in August, four of Iger's direct subordinates, namely ESPN Chairman Jimmy Pitaro, Disney Parks Chairman Josh D'Amaro, and Disney Studios Co-Chairmen Dana Walden and Alan Bergman, have all been interviewed by the succession committee in recent months Before taking over as chairman of the board, Gorman said in an interview with CNBC in March this year that Disney is running a "planned, visionary, and extremely rigorous process" to find a successor.

Although there is now a rough timeline, saying that the successor will not be announced until 2026 makes things look clearer, but it also means that in the next year, everyone will still have to guess who will become the new CEO.

In addition, Disney CEO Iger's contract as CEO is set to expire on December 31, 2026, and he has postponed his retirement five times. However, those familiar with the situation say that he and the board are still considering whether to continue his tenure after 2026