Disney The company said Monday it has appointed James Gorman to replace Mark Parker as the company's new president, effective in January, as the media giant lays the groundwork to name a successor to CEO Bob Iger in early 2026.
Gorman joined Disney's board less than a year ago and was named chairman of the succession planning committee in August. He will continue to lead that committee after he takes over as Chairman of the Board from Nike CEO Parker.
“The Disney Board has benefited greatly from James Gorman’s experience and guidance, and we are fortunate to have him as our next Chairman — especially as the Board continues to move forward with the succession process,” Iger said in a statement. “I am extremely grateful to Mark Parker for his many years of service and leadership on the Board, which has been invaluable to this company, its shareholders, and to me as CEO.”
Parker will step down after nine years on the Disney board to “focus on other areas” of his work, according to a Disney statement. This includes spending more time at work Nike– Related matters, according to a person familiar with the matter. Elliott Hill took over as CEO of Nike last week, replacing John Donahue.
Early 2026
Disney had initially targeted 2025 to announce a successor, as CNBC reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked to remain anonymous because the discussions are private.
Gorman has experience in succession planning: He oversaw the orderly transfer of power at Morgan Stanley, where Ted Beck succeeded him as CEO there at the beginning of this year.
The succession has not been smooth at Disney. The board fired Iger's handpicked successor, Bob Chapek, in November 2022 after a tumultuous tenure that lasted less than three years. Iger is back as CEO, and now Disney shareholders are looking forward to seeing the succession plan continue.
Iger's four direct reports — ESPN president Jimmy Pitaro, Disney Experiences president Josh D'Amaro, and Disney Entertainment co-presidents Dana Walden and Alan Bergman — have all interviewed for the succession committee in recent weeks, since Gorman took office in August, according to People Familiar.
Disney was running an “incredibly forward-looking and disciplined operation,” Gorman said in an interview with CNBC in March, before taking the helm as chairman of the board's succession board.
Bob Iger, CEO of The Walt Disney Company, appears at the Disney Entertainment Showcase at D23: The Ultimate Disney Fan Event in Anaheim, California on August 09, 2024.
Jesse Grant | Getty Images Entertainment | Getty Images
However, while setting a concrete timeline for naming a successor adds a little clarity to the search, it also means that the question of who will take over for Iger will continue to hang over the company for another year.
Iger has postponed his retirement five different times to continue leading Disney as CEO. Activist investor Nelson Peltz focused on the board's failure to name a permanent successor in his failed campaign for board seats earlier this year.
Iger's current contract as CEO runs through Dec. 31, 2026. He and the board have not decided whether Iger will extend his board term beyond 2026, the people familiar with the matter said.
