Disney has appointed James Gorman to succeed Mark Parker as the company’s next chairman, effective in January. This move comes as the media giant prepares to select a successor for CEO Bob Iger by early 2026, as announced by the company on Monday.
Gorman, who joined Disney’s board less than a year ago, was appointed as the head of the succession planning committee in August. He will continue to lead this committee after assuming the role of board chairman from Nike Executive Chairman Parker.
Bob Iger expressed gratitude for Parker’s contributions to the board and leadership as he steps down after nine years to focus on other endeavors, including his work with Nike. Meanwhile, Elliott Hill has taken over as Nike CEO, succeeding John Donahoe.
Initially aiming to announce a successor by 2025, Disney has extended the timeline to early 2026 to allow for thorough evaluation of internal and external candidates. Gorman’s experience in succession planning, demonstrated during his tenure at Morgan Stanley, will be valuable in this process.
Following the dismissal of Bob Chapek, Iger’s previous successor, Disney shareholders are eager for a stable succession plan. Iger’s direct reports have been interviewed by the succession committee since Gorman assumed his role in August.
While setting a timeline for naming a successor provides some clarity, the uncertainty of who will succeed Iger will persist for another year. Iger, who has postponed his retirement multiple times, is currently contracted as CEO until December 31, 2026, with discussions ongoing regarding a possible extension beyond that date.
