Disney has tapped James Gorman to replace Mark Parker as the company’s next president, effective in January, as the media giant lays the groundwork to name CEO Bob Iger’s successor in early 2026, the company announced on Monday.
Gorman joined Disney’s board of directors less than a year ago and was named head of the succession planning committee in August. He will continue to lead this committee after taking over as chairman of the board from Nike Parker’s executive chairman.
“The Disney board has benefited greatly from James Gorman’s expertise and guidance, and we are fortunate to have him as our next chairman – particularly 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 board service and leadership, which have been so valuable to this company and its shareholders, as well as to me as CEO.”
Parker will step down after nine years on Disney’s board “to focus on other areas” of his work, according to a Disney statement. This includes spending more time at work Win-related issues, according to a person familiar with the matter. Elliott Hill took over as CEO of Nike last week, replacing John Donahoe.
Early 2026
Disney had originally targeted 2025 to announce a successor, according to 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 not to be identified because the discussions are private. .
Gorman has experience in succession planning: he oversaw a smooth transition of power at Morgan Stanley, with Ted Peek succeeding him as CEO there earlier this year.
The succession was not 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 eager to see a succession plan.
Iger’s four direct reports — ESPN President Jimmy Pitaro, Disney Experiences President Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks , since Gorman took over in August, according to the people in the know.
Gorman said in an interview with CNBC in March, before taking over as chairman of the board’s succession, that Disney was running a “proactive, forward-looking, incredibly disciplined process.”
Bob Iger, CEO, The Walt Disney Company appears at the Disney Entertainment Showcase at D23: The Ultimate Disney Fan Event in Anaheim, California on August 9, 2024.
Jesse Grant | Getty Images Entertainment | Getty Images
But while putting a concrete timeline on naming a successor adds some clarity to the search, it also means the question of who will take over for Iger will continue to hang over the company for another year.
Iger has pushed back 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 to win 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 said.