Disney has announced that James Gorman will take over as chairman of the board in January 2024, succeeding Nike Executive Chairman Mark Parker, as the company continues its search for a successor to CEO Bob Iger. Gorman, who joined the board less than a year ago, heads the succession planning committee and will lead the process to select Iger’s replacement, expected to be named in early 2026. This extended timeline allows Disney to conduct a thorough evaluation of both internal and external candidates.

James Gorman, incumbent CEO of Morgan Stanley and incoming chairman of Disney.

Parker is stepping down after nine years on Disney’s board to focus on his other responsibilities, including work at Nike. Gorman, with experience in succession planning from his tenure at Morgan Stanley, will oversee Disney’s efforts to avoid past challenges. Disney’s previous CEO transition wasn’t smooth, as Iger’s handpicked successor, Bob Chapek, was fired after a tumultuous tenure that lasted less than three years.

Disney’s board initially planned to name Iger’s successor in 2025, but the process has been pushed to 2026 to ensure all candidates are fully vetted. Iger’s four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have been interviewed by the succession committee.

Although Iger’s current contract runs through the end of 2026, the board has not decided whether he will remain involved beyond that. Shareholders, eager for stability, continue to await a definitive succession plan after years of uncertainty. Activist investor Nelson Peltz, who previously criticized the board’s failure to name a successor in his unsuccessful campaign for board seats, underscored the importance of resolving the leadership question.