Disney said it will choose Iger’s successor as CEO in early 2026, a process the company says may take as long as necessary to properly vet candidates for the role. It said this after disclosing that Morgan Stanley former CEO James Gorman will succeed Nike Executive Chairman Mark Parker in the chairman of the board role next January.
Gorman, who has been on Disney’s board for less than a year and begun leading the succession planning committee in August, said it was important to be deliberate in a successor to Iger. In a statement, Iger thanked Gorman for his experience and leadership during this critical transition. “The Disney board has greatly benefited from James Gorman’s vast experience and leadership, and we feel very fortunate to have him as our next chairman,” Iger said, paying tribute to Parker for his very valuable contributions over his nine-year tenure.
With Parker opting out of the boardroom and calling it quits and instead going to concentrate more on his responsibility at Nike, the succession process now falls in place for Gorman, who has a proven track record of succession planning with his previous re-positioning of the leadership at Morgan Stanley early this year.
For Iger’s successor, an earlier deadline was set as 2025; the board extended it in the early part of 2026, which reflects a keen interest of the board to be certain that the necessary and proper due diligence on internal as well as external candidates is conducted. According to a source close to this matter, extending this deadline will provide the board with more time to take a cautious approach of things given that the previous succession attempt went wrong.
It has been his direct reports, over the last several weeks, speaking to the succession committee that includes ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and co-chairmen Dana Walden and Alan Bergman for Disney Entertainment-co timings that reflect the board’s intent to look at all avenues in preparing for a crucial leadership transition.
Disney has had a rocky recent past over succession planning, and just got much rockier. The sudden and contentious removal of CEO Bob Chapek, the handpicked successor of former CEO Bob Iger, in November 2022 has made the case for an arrested succession plan that aligns with investor interests.
We’re just exiting the main pivotal stage, and I am assured of stakeholders that Disney is undergoing a “forward-looking, forward-leaning, incredibly disciplined process” to get a stable and effective leadership structure for the future, Gorman assured stakeholders.
