Disney has truly touched James Gorman to alter Mark Parker because the agency’s following chairman, environment friendly in January, because the media titan prepares to name a follower for chief govt officer Bob Iger in very early 2026, the agency claimed Monday.
Gorman signed up with Disney’s board less than a year ago and was known as the top of the sequence preparation board in August. He will definitely stay to guide that board after he takes management of as board chairman from Nike Exec Chairman Parker.
” The Disney board has truly profited enormously from James Gorman’s expertise and help, and we’re lucky to have him as our following chairman â $” particularly because the board stays to maneuver on with the sequence process,” Iger claimed in a declaration. “I am very comfortable to Mark Parker for his years of board answer and administration, which have truly been so helpful to this agency and its traders, and to me as chief govt officer.”
Parker will definitely tip down after 9 years on the Disney board “to focus on varied different areas” of his job, in keeping with a Disney declaration. That consists of prices much more time working with Nike-related points, in keeping with a person educated in regards to the situation. Elliott Hillside took management of as Nike chief govt officer lately, altering John Donahoe.
Very early 2026
Disney had truly initially focused 2025 to introduce a follower, as CNBC reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on both 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 with succession planning: He oversaw the orderly transfer of power at Morgan Stanley, with Ted Pick succeeding him as CEO there at the start of this year.
Succession hasn’t been smooth at Disney. The board fired Iger’s handpicked successor, Bob Chapek, in November 2022 after a turbulent tenure that lasted less than three years. Iger returned to the CEO job, and now, Disney shareholders are eager to see a succession plan stick.
Iger’s four direct reports â ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman â have all interviewed with the succession committee in recent weeks, since Gorman took over in August, according to the people familiar.
Gorman said in a CNBC interview in March, before taking over as the board’s succession chair, that Disney was running a “forward-looking, forward-leaning, incredibly disciplined process.”
Bob Iger, CEO, The Walt Disney Company appears at the Disney Entertainment Showcase at D23: The Ultimate Disney Fan Event in Anaheim, California on August 09, 2024.
Jesse Grant | Getty Images Entertainment | Getty Images
Still, while putting a specific timeline on naming a successor adds a bit of 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 has pushed back his retirement five different times to continue to lead Disney as CEO. Activist investor Nelson Peltz focused on the board’s failure to name a lasting successor in his unsuccessful campaign to gain board seats earlier this year.
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, said the people familiar.
