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 a successor to CEO Bob Iger in early 2026, the company announced Monday.
Gorman joined Disney’s board of directors less than a year ago and was named the head of the succession planning committee in August. He will continue to lead this committee after succeeding Nike Executive Chairman Parker as chairman of the board.
“The Disney Board of Directors has benefited enormously from the expertise and guidance of James Gorman, and we are fortunate to have him as our next Chairman – especially as the Board continues to move forward in 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 the Disney board “to focus on other areas” of his work, according to a Disney statement. This means spending more time working on Nike-related questions, 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 initially targeted 2025 to announce a successor, as highlighted by CNBC. reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.
Gorman has experience in succession planning: he oversaw orderly transfer of power at Morgan Stanleywith Ted Pick succeeds him as CEO at the beginning of this year.
The succession has not gone smoothly at Disney. The board fired Iger’s hand-picked successor, Bob Chapek, in November 2022 after a eventful mandate it lasted less than three years. Iger returned to the CEO role and now Disney shareholders are eager to see a succession plan come to fruition.
Iger’s four direct reports — 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, since Gorman took office in August, according to people familiar.
Gorman said in a CNBC interview in March, before taking over as chairman of the board, that Disney ran a “forward-looking, incredibly disciplined process.”
Bob Iger, CEO of 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
Still, while setting a firm timeline for appointing a successor adds some clarity to the search, it also means that the question of who will take over from Iger will continue to loom over the company for another year .
Iger postponed his retirement five times to continue leading Disney as CEO. Activist investor Nelson Peltz focused on the board’s failure to appoint a lasting successor to his position. unsuccessful 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 term on the board beyond 2026, sources said close ones.
