The Walt Disney Company has announced that Morgan Stanley veteran James P. Gorman will be taking over as chairman of the board, effective January 2, 2025. Gorman is currently part of the team working on identifying and preparing the next chief executive officer, with an announcement expected in early 2026. Gorman will be stepping down from his role at Morgan Stanley on December 31, 2024, after serving as CEO for 14 years.
Mark G. Parker, who has been on Disney's board for nine years, expressed his pleasure at Gorman's appointment, highlighting his leadership and experience. Gorman, in turn, stated that he is honored to serve as Disney's Chairman at this crucial moment in the company's history. He emphasized the importance of appointing a new CEO, a process that is expected to be completed by early 2026.
Gorman's background includes executive positions at Merrill Lynch and senior partnership at McKinsey & Co. He is credited with transforming Morgan Stanley into a wealth management powerhouse. Current Disney CEO Bob Iger expressed his gratitude for Mark Parker's leadership and welcomed Gorman as the new Chairman.
Iger, who has been instrumental in building Disney's media empire through acquisitions such as Pixar, Marvel, and the Star Wars franchise, has extended his retirement date multiple times. His contract is now set to conclude in December 2026.
Overall, the succession planning at Disney and the appointment of James P. Gorman as Chairman are seen as important steps in ensuring a smooth transition for the company's leadership. The Board is focused on finding a new CEO to lead Disney into the future.