The Walt Disney Company has decided who will be its next Chairman of the Board. James P. Gorman will be succeeding Mark G. Paker on January 2, 2025. Parker will be leaving the Disney Board on January 2nd after serving for nine years.
Gorman is currently the Chair of Disney’s Board Succession Planning Committee. He also is Executive Chairman of Morgan Stanley. In his role at Disney, he is helping “identify and prepare the next chief executive officer of The Walt Disney Company.” This will be taking most of 2025 with a new CEO expected to be announced in early 2026, ahead of current CEO Bob Iger’s retirement at the end of 2026.
“James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year, and I am extremely pleased that he has agreed to assume the role of Chairman upon my departure. Drawing on his vast experience, James is expertly guiding the extensive search process for a new CEO, which remains a top priority for the Board,” said Mark G. Parker, who is Executive Chairman of NIKE, Inc. “As I prepare to leave the Board to focus on other areas of my work, I am proud of Disney’s renewed position of strength and excited for the company’s future, and I want to thank my fellow directors, Bob Iger and his exemplary management team for their continued strong leadership and dedication.”
“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 to move forward with the succession process,” Bob Iger said. “I’m extremely grateful to Mark Parker for his many years of Board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”
“I am honored and humbled to have the opportunity to serve as Disney’s Chairman at this important moment in the company’s history,” James P. Gorman said. “In the short time I have had the opportunity to work with Mark, I have come to appreciate and deeply respect his authentic leadership, humility and intelligence. I know all Directors join me in saying we have been honored to serve with him as the Chairman of the Board.”
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026,” Gorman said.
The Board’s Succession Planning Committee is comprised of Gorman, who chairs the committee, and also includes directors Mary T. Barry, Calvin R. McDonald, and Parker until he departs in January. The process of determining the succession planning process will continue with the Committee and full Board of Directors deliberately assessing and determining what will come next for the Company.
In fiscal 2024, the Board’s Succession Planning Committee met six times. Throughout the year, it engaged with the full Board on the “substance of the decisions to be made.” During each of the Board meetings in fiscal 2024, succession planning was discussed. At this time, the Board and the Committee are reviewing internal candidates and external candidates. It is believed that Disney Entertainment Co-Chair Dana Walden and Disney Experience Chairman Josh D’Amaro are two leading contenders for the top job at Disney.
James. P Gorman is currently still the Executive Chairman of Morgan Stanley. This is a role he will be departing from in December 2024 to take on the role of Chairman of the Board at Disney. Previously he was the Chief Executive Officer at Morgan Stanley from 2010 to 2023. He was Chairman from 2012 to 2023. He joined Morgan Stanley originally in 2006 and was named Co-President the following. Before that, Gorman held several executive positions at Merrill Lynch. He was also a senior partner at McKinsey & Co. He currently serves as a Direct of the Council on Foreign Relations and is a member of the Federal Reserve Bank of New York and President of the Federal Advisory Council to the U.S. Federal Reserve Board. Gorman joined the Board of Directors for The Walt Disney Company in 2024.
What do you think of Disney naming James P. Gorman its next Chairman of the Board? Do you think this is the right path for the company? Who do you think should be the next Chief Executive Officer once Bob Iger retires? Share your thoughts and opinions in the comments below!
