Walt Disney Company Announces New Chairman

Investing.com — The Walt Disney Company (NYSE: DIS) has appointed James Gorman as its next chairman, effective January, as it continues the search for a successor to CEO Bob Iger, aiming for early 2026.

Gorman, the former Morgan Stanley CEO who joined Disney’s board less than a year ago, was assigned to lead the succession planning committee in August. He will take over from Mark Parker, Executive Chairman of Nike (NYSE: NKE).

In a Monday announcement, Iger stated, “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 the succession process.” Iger also expressed gratitude to Parker for his contributions during his nine years on the Disney board.

According to sources cited by CNBC, Parker will step down to focus on other commitments, particularly within Nike. This change follows the recent transition at Nike, where Elliott Hill replaced John Donahoe as CEO.

Originally, Disney had planned to appoint a successor by 2025. However, the timeline has now extended to early 2026, which allows the board additional time to thoroughly consider both internal and external candidates. This decision reflects Disney's attempt to stabilize its leadership after dismissing Bob Chapek, Iger's initial successor, in November 2022.

Iger, now back at the helm, and shareholders are eager to establish a reliable succession plan. Recently, Gorman’s succession committee interviewed Iger’s top executives, including ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman.