Jamie Spencer
In a key leadership change, Disney has appointed James Gorman as its next board chairman, starting January 2024, as the company gears up for a new chapter in leadership. Gorman, who joined the board less than a year ago, has also been leading the succession planning committee since August, helping to navigate the crucial decision of who will succeed Bob Iger as CEO in early 2026.
Mark Parker, the current chairman, will step down after nine years on Disney’s board to focus on other commitments, including his role at Nike, where he continues as Executive Chairman.
Succession at the Center of Disney’s Plans
Disney’s search for a new CEO has been at the forefront since Bob Chapek’s short and tumultuous tenure ended in 2022. Bob Iger, who returned as CEO following Chapek’s departure, has extended his leadership multiple times. While the company initially planned to announce Iger’s successor by 2025, the timeline has now shifted to early 2026, giving the board more time to conduct thorough due diligence.
Gorman, who successfully oversaw succession at Morgan Stanley, will play a crucial role in shaping this process. Under his leadership, Disney’s succession committee has already conducted interviews with key internal candidates, including ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman.
Strategic Planning and Internal Focus
The decision to appoint Gorman, who has been leading the succession process since August, reflects Disney’s determination to ensure a seamless leadership transition. His experience with succession at Morgan Stanley, where Ted Pick replaced him as CEO, positions him as a key figure in this pivotal moment for Disney.
Despite the shift in timeline, Disney shareholders remain eager for stability after a turbulent few years. Iger, who has delayed his retirement on five occasions, remains committed to seeing the company through this transition, but questions continue to loom regarding his successor and the direction Disney will take post-Iger.
Looking Ahead
With Iger’s contract expiring at the end of 2026, the company has outlined a process that will culminate in a CEO announcement by early 2026. While activist investor Nelson Peltz criticized the board earlier this year for its delayed approach to succession, Disney’s leadership under Gorman is focused on a disciplined and forward-thinking strategy.
Gorman’s appointment as chairman signals a steady hand at the helm of Disney’s board, especially as the company navigates internal and external challenges, from streaming competition to leadership continuity. As Disney moves into this critical period, the board’s next steps will be closely watched, especially in the context of how it plans to manage its transition beyond Iger’s leadership.
