This January, Disney will officially appoint James Gorman as the new Chairman of the Board, replacing Mark Parker. This move comes as the media giant prepares the groundwork to find a successor for CEO Bob Iger by early 2026. This is a significant step for Disney’s future, especially as the company seeks a smooth leadership transition when Iger steps down from his CEO role.
Here's ads banner inside a post
James Gorman, who joined Disney’s board less than a year ago, was named the Head of the Succession Planning Committee this past August. Gorman will continue in this role even after he officially takes over as Chairman from Mark Parker, who is currently Nike’s Executive Chairman.
In a statement, Bob Iger said, “Disney’s Board has greatly benefited from James Gorman’s expertise and guidance, and we are fortunate to have him as our next Chairman – especially as the board continues the succession process. I am deeply grateful to Mark Parker for his many years of board service and leadership, which have been invaluable to the company, its shareholders, and me as CEO.”
Mark Parker will step down after nine years on Disney’s board to focus on other areas of his work, including spending more time on Nike-related matters, according to a source familiar with the situation. Elliott Hill took over as Nike’s CEO last week, replacing John Donahoe.
Here's ads banner inside a post
Plans for 2026
Initially, Disney had targeted 2025 to announce Iger’s successor, as CNBC reported last year. However, postponing the announcement to early 2026 will give the board more time to conduct thorough due diligence on both internal and external candidates, according to people familiar with the matter. These individuals requested anonymity due to the private nature of the discussions.
James Gorman has extensive experience with succession planning. He oversaw the orderly transition of power at Morgan Stanley, where Ted Pick succeeded him as CEO earlier this year.
However, succession planning at Disney has not always been smooth. The board fired Iger’s handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years. Iger then returned as CEO, and now, Disney shareholders are eager for a more stable succession plan.
Here's ads banner inside a post
Potential Internal Candidates at Disney
Iger’s four direct reports, including ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman, have all interviewed with the succession committee in recent weeks, following Gorman’s appointment as head of the committee in August, according to people familiar with the situation.
In an interview with CNBC in March, before taking over as head of the Succession Committee, Gorman stated that Disney was conducting an “incredibly disciplined, forward-looking process.” However, while specifying a timeline for naming Iger’s successor provides some clarity, it also means the question of who will replace Iger will continue to loom over Disney for another year.
Bob Iger has delayed his retirement five times, continuing to lead Disney amid challenging times. Activist investor Nelson Peltz criticized the board’s failure to name a lasting successor during his unsuccessful campaign to secure board seats earlier this year.
Iger’s current contract as CEO runs until December 31, 2026. However, neither Iger nor the board has made any decisions on whether he will remain on the board beyond 2026, according to people familiar with the matter.
Shareholder Pressure and Disney’s Future
As time passes, the pressure from shareholders and the public intensifies for Disney to make a definitive decision regarding Bob Iger’s successor. James Gorman now faces the enormous responsibility of leading Disney’s search for a new leader who not only has the capability to run one of the largest media companies in the world but also ensures that the company’s long-term vision is preserved and expanded.
