Disney Taps James Gorman as Next Chairman, Paving the Way for CEO Succession
In a strategic move, Disney has appointed James Gorman to succeed Mark Parker as its next chairman, effective January. This decision sets the stage for the media giant to name a successor to CEO Bob Iger in early 2026.
A Seasoned Leader Takes the Helm
Gorman, who joined Disney’s board less than a year ago, has been leading the succession planning committee since August. His expertise and guidance have been invaluable to the board, and he will continue to lead the committee after taking over as chairman.
Iger Expresses Gratitude and Confidence
“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,” Iger said in a statement. “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.”
Parker Steps Down to Focus on Nike
Parker will step down after nine years on the Disney board to focus on other areas of his work, including spending more time on Nike-related matters. Elliott Hill took over as Nike CEO last week, replacing John Donahoe.
Succession Planning Timeline Extended
Disney had initially targeted 2025 to announce a successor, but pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates.
Gorman’s Experience with Succession Planning
Gorman has experience with succession planning, having overseen the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO at the start of this year.
Internal Candidates in the Running
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.
A Forward-Looking Process
Gorman described the succession process as “forward-looking, forward-leaning, incredibly disciplined” in a March interview. While putting a specific timeline on naming a successor adds clarity to the search, it also means the question of who will take over for Iger will continue to hover over the company for another year.
Iger’s Future Plans Uncertain
Iger’s current contract as CEO runs until Dec. 31, 2026. He and the board haven’t decided if Iger will extend his board tenure past 2026.
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