Disney names subsequent chairman, new CEO to be introduced in ‘early 2026’

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The Walt Disney Firm named Morgan Stanley veteran James P. Gorman as chairman of the board, efficient Jan. 2, 2025, and mentioned he’s already a part of the group “working to identify and prepare the next chief executive officer,” with an announcement coming in “early 2026.”

Gorman can be stepping down from his position at Morgan Stanley on Dec. 31, 2024, in line with a press launch. He’s at the moment chair of the Disney Board’s Succession Planning Committee.

“James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year, and I am extremely pleased that he has agreed to assume the role of Chairman upon my departure,” Mark G. Parker, who served on Disney’s board for 9 years, mentioned in an announcement. “Drawing on his vast experience, James is expertly guiding the extensive search process for a new CEO, which remains a top priority for the Board.”

Gorman had served as CEO of the Wall Avenue financial institution for 14 years and is credited with remodeling it right into a wealth administration powerhouse.

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James P. Gorman, chairman and CEO of Morgan Stanley, testifies earlier than a Home Monetary Providers Committee listening to on Capitol Hill, April 10, 2019. (Aaron P. Bernstein / Reuters)

“I am honored and humbled to have the opportunity to serve as Disney’s Chairman at this important moment in the company’s history,” Gorman mentioned in an announcement. “A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026.”

Previous to Morgan Stanley, Gorman labored in government positions at Merrill Lynch and was a senior associate at McKinsey & Co., Disney mentioned. 

“The Disney Board has benefited tremendously from James Gorman’s expertise and guidance, and we are lucky to have him as our next Chairman – particularly as the Board continues to move forward with the succession process,” present Disney CEO Bob Iger mentioned in an announcement. “I’m 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, and to me as CEO.”

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Disney CEO Bob Iger attends the Oscar nominees luncheon in Beverly Hills, California, on Feb. 12, 2024. (Valerie Macon/AFP by way of Getty Pictures / Getty Pictures)

Ticker Safety Final Change Change % DIS THE WALT DISNEY CO. 97.28 +0.74
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Iger, who’s credited with constructing Disney’s media empire, together with by way of the high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, has seen his retirement date prolonged 5 instances.

The primary entrance to The Walt Disney Firm headquarters in Burbank, July 31, 1995. (Reuters / Reuters)

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He initially deliberate to remain for 2 years after popping out of retirement, however agreed to increase his tenure by way of 2026. His contract concludes in December 2026.

Reuters contributed to this report.