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Disney has appointed former Morgan Stanley boss James Gorman as its chair and announced plans to name a new chief executive in “early 2026” — for the first time setting a timeline for the most drawn-out and consequential succession saga in Hollywood.
The media giant has spent the past decade trying to find a replacement for its chief executive Bob Iger, making succession among the most crucial concerns for investors.
Iger initially intended to retire by 2015, but extended his contract multiple times before stepping aside in 2020. His replacement, Bob Chapek, only lasted 33 months, after which Iger returned. Iger’s current contract expires at the end of 2026.
Disney on Monday appointed Gorman, who at present leads the board’s search for a successor to Iger, as its chair from 2025. The new role will be a test of the credentials Gorman established in handling an unusually smooth CEO transition at Morgan Stanley. After 14 years running the of the Wall Street investment bank, he handed off the top job to Ted Pick while ensuring that the two other leading candidates for the job stayed on as co-presidents.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman said. “This timing . . . will allow ample time for a successful transition.”
Iger said the board “has benefited tremendously from James Gorman’s expertise and guidance”.
“We are lucky to have him as our next chairman — particularly as the board continues to move forward with the succession process,” Iger added.
Gorman will replace current chair Mark Parker in January, after stepping down from his role as chair of Morgan Stanley in December.
Parker had decided to exit Disney’s board to focus on turning around Nike, according to a person familiar with the matter.
Given Iger’s previous contract extensions, observers in Hollywood have openly questioned whether he will leave in 2026. Disney appeared to look to quell that speculation, stating on Monday that the board would “continue to undertake a deliberate and thoughtful succession planning process”.
Disney’s board has been scrutinised for being too close to Iger, granting him multiple contract extensions and giving him a say in choosing his own successor in Chapek.
Internally, four candidates are viewed as competing for the chief’s job: television chief Dana Walden, theme parks head Josh D’Amaro, ESPN chair Jimmy Pitaro and studio head Alan Bergman.
The board on Monday said it would review both “internal candidates and external candidates”.
Disney shares were down 1 per cent in lunchtime trading on Monday.
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