Disney says it will name CEO Bob Iger’s second successor in 2026
In a significant leadership move, Walt Disney has appointed former Morgan Stanley CEO James Gorman as its new board chair, who will also spearhead the search for a new CEO. This announcement marks the first time Disney has provided a timeline for succession at the iconic media and entertainment giant.
Starting in January, Gorman will transition into his role at Disney after stepping down as executive chair of Morgan Stanley at the end of 2024. His 14-year tenure as CEO of Morgan Stanley is noted for transforming the firm into a leading wealth management company.
Bob Iger, who departed as Disney’s CEO in 2020 after a remarkable 15-year run, took on the role of executive chair for an additional year. Following some turbulence, which included the dismissal of Iger’s chosen successor, Bob Chapek, Disney’s board invited Iger to return in late 2022 amid investor backlash over poor performance. Currently, Iger’s contract with Disney is set to expire in 2026.
In August, Gorman was appointed to lead the committee responsible for finding Iger’s successor. He had earlier orchestrated a successful succession plan at Morgan Stanley that saw Ted Pick take the reins. Gorman’s expertise will be crucial as Disney faces challenges around its leadership transition, particularly following criticism from activist investor Nelson Peltz regarding the company’s succession strategy.
Iger, recognized for expanding Disney’s media empire through strategic acquisitions like Pixar, Marvel, and Star Wars, has seen his retirement date extended five times. In a statement, Gorman underscored the importance of timely succession, stating, “A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” ensuring ample time for a seamless transition before Iger’s contract concludes.
Gorman succeeds Mark Parker, who is exiting the Disney board after nearly a decade. Parker, also the executive chair of Nike, expressed his intention to concentrate on other professional commitments. He praised Gorman’s vast experience, stating, “James is expertly guiding the extensive search process for a new CEO, which remains a top priority for the board.”
Disney’s board has been proactive in discussing succession planning during its fiscal 2024 meetings, continuously reviewing potential internal and external candidates. Reports from last year indicated that four Disney executives were in contention for the CEO position. Leading the pack is Dana Walden, co-chair of Disney Entertainment, known for her successful creative ventures and strong relationships in the industry. Other strong contenders include Josh D’Amaro, chair of Disney Experiences, who has charisma akin to Iger’s and manages the company’s theme parks; Jimmy Pitaro, chair of ESPN, recognized for steering the network through a digital transformation; and Alan Bergman, co-chair of Disney Entertainment, who has presided over notable film releases this year.
