The Walt Disney Company has announced the appointment of James P. Gorman as the new Chairman of the Board, effective January 2, 2025. Gorman, who is currently Executive Chairman of Morgan Stanley, will succeed Mark G. Parker, following his departure from the Disney Board after nine years of service.
Gorman, who has been a member of the Disney Board since early 2024, is also the current Chair of the Succession Planning Committee. This committee is responsible for identifying and preparing the next chief executive officer of The Walt Disney Company, as CEO Bob Iger's contract concludes in December 2026.
Parker, who is also the Executive Chairman of NIKE, Inc., expressed confidence in Gorman's appointment. "James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board, and I am extremely pleased that he has agreed to assume the role of Chairman upon my departure," Parker said. He further highlighted Gorman's leadership in guiding the ongoing CEO search process, which remains a top priority for the Board.
Disney CEO Bob Iger echoed Parker's sentiments, recognizing both Parker's contributions and Gorman's upcoming leadership role. "The Disney Board has benefited tremendously from James Gorman's expertise and guidance, and we are lucky to have him as our next Chairman," Iger stated. He also acknowledged Parker's years of service and leadership, calling his tenure highly valuable to the company and its shareholders.
Gorman expressed his gratitude for the opportunity, noting the significance of his appointment during a critical time in Disney's history. "I am honored and humbled to have the opportunity to serve as Disney's Chairman at this important moment," he said. Gorman also reaffirmed the Board's focus on appointing a new CEO, with an announcement expected in early 2026. This timeline will provide a smooth transition before Iger's planned departure at the end of 2026.
The Succession Planning Committee, chaired by Gorman, includes directors Mary T. Barra, Calvin R. McDonald, and Parker, who will step down in January. The Committee has been conducting a succession planning process throughout 2024, reviewing both internal and external candidates.
The formation of the Succession Planning Committee in January 2023 marked a significant step in Disney's approach to CEO succession, a process that became increasingly critical after Bob Iger's return as CEO in late 2022. Iger, who originally stepped down as CEO in February 2020, returned to the role following the departure of his successor, Bob Chapek, amid a period of strategic challenges and leadership turbulence within the company.
Iger's return was seen as a stabilizing move for Disney, a company he had successfully led for 15 years, during which he oversaw the acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox, significantly expanding Disney's content portfolio. However, his return also came with the clear objective of setting the stage for a more permanent leadership transition.
Since his return, Iger has made it clear that his tenure is temporary, with a primary focus on guiding the company through a smooth succession process.
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