The Walt Disney Company named Morgan Stanley veteran James P. Gorman as chairman of the board, effective Jan. 2, 2025, and said he is already part of the team "working to identify and prepare the next chief executive officer," with an announcement coming in "early 2026."
Gorman will be stepping down from his role at Morgan Stanley on Dec. 31, 2024, according to a press release. He is currently chair of the Disney Board's Succession Planning Committee.
"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," Mark G. Parker, who served on Disney's board for nine years, said in a statement. "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."
Gorman had served as CEO of the Wall Street bank for 14 years and is credited with transforming it into a wealth management powerhouse.
"I am honored and humbled to have the opportunity to serve as Disney’s Chairman at this important moment in the company’s history," Gorman said in a statement. "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."
Prior to Morgan Stanley, Gorman worked in executive positions at Merrill Lynch and was a senior partner at McKinsey & Co., Disney said.
"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," current Disney CEO Bob Iger said in a statement. "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."
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Iger, who is credited with building Disney's media empire, including through the high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, has seen his retirement date extended five times.
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He initially planned to stay for two years after coming out of retirement, but agreed to extend his tenure through 2026. His contract concludes in December 2026.
Reuters contributed to this report.
