Disney has tapped James Gorman to exchange Mark Parker as the corporate’s subsequent chairman, efficient in January, because the media large lays the groundwork to call a successor for CEO Bob Iger in early 2026, the corporate mentioned Monday.
Gorman joined Disney’s board lower than a 12 months in the past and was named the head of the succession planning committee in August. He’ll proceed to guide that committee after he takes over as board chairman from Nike Government Chairman Parker.
“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,” Iger mentioned in a press release. “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.”
Parker will step down after 9 years on the Disney board “to focus on other areas” of his work, in accordance with a Disney assertion. That features spending extra time engaged on Nike-related issues, in accordance with an individual acquainted with the matter. Elliott Hill took over as Nike CEO final week, changing John Donahoe.
Early 2026
Disney had initially focused 2025 to announce a successor, as CNBC reported final 12 months. Pushing the date again to early 2026 will give the board extra time to conduct due diligence on each inner and exterior candidates, in accordance with folks acquainted with the matter, who requested to not be named as a result of the discussions are non-public.
Gorman has expertise with succession planning: He oversaw the orderly switch of energy at Morgan Stanley, with Ted Choose succeeding him as CEO there at first of this 12 months.
Succession hasn’t been clean at Disney. The board fired Iger’s handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted lower than three years. Iger returned to the CEO job, and now, Disney shareholders are desirous to see a succession plan stick.
Iger’s 4 direct studies — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Leisure Co-Chairmen Dana Walden and Alan Bergman — have all interviewed with the succession committee in current weeks, since Gorman took over in August, in accordance with the folks acquainted.
Gorman mentioned in a CNBC interview in March, earlier than taking up because the board’s succession chair, that Disney was operating a “forward-looking, forward-leaning, incredibly disciplined process.”
Bob Iger, CEO, The Walt Disney Firm seems on the Disney Leisure Showcase at D23: The Final Disney Fan Occasion in Anaheim, California on August 09, 2024.
Jesse Grant | Getty Photos Leisure | Getty Photos
Nonetheless, whereas placing a selected timeline on naming a successor provides a little bit of readability to the search, it additionally means the query of who will take over for Iger will proceed to hover over the corporate for one more 12 months.
Iger has pushed again his retirement 5 completely different instances to proceed to guide Disney as CEO. Activist investor Nelson Peltz centered on the board’s failure to call an enduring successor in his unsuccessful marketing campaign to achieve board seats earlier this 12 months.
Iger’s present contract as CEO runs till Dec. 31, 2026. He and the board have not determined if Iger will lengthen his board tenure previous 2026, mentioned the folks acquainted.
