From CNBC: 2024-10-21 09:06:01

Disney has chosen James Gorman as the next chairman, succeeding Mark Parker in January, as part of the succession planning for CEO Bob Iger by early 2026. Gorman has been on the Disney board for less than a year and currently heads the succession planning committee.

Parker will step down from the Disney board after nine years to focus on other areas of work, including Nike-related matters. Elliott Hill recently replaced John Donahoe as Nike CEO. Disney originally planned to announce a successor in 2025 but has pushed the date back to early 2026 for a more thorough candidate search.

Gorman, with experience in succession planning at Morgan Stanley, is leading the process at Disney. Bob Chapek, Iger’s previous successor, was fired, leading to Iger’s return. Iger’s direct reports have interviewed with the succession committee, aiming to establish a solid succession plan and end the uncertainty surrounding leadership at Disney.

While naming a specific timeline adds clarity to the search, it means the question of Iger’s successor will linger for another year. Iger has postponed his retirement multiple times, sparking investor concerns. His contract is set to end in 2026, and it’s unclear if he will extend his tenure on the board beyond that date.



Read more at CNBC: Disney CEO to be named in 2026; Gorman to become board chair next year