The Walt Disney Company has announced a significant leadership change, with current chairman Mark Parker stepping down and being succeeded by James Gorman, the executive chairman of Morgan Stanley. This transition, effective January 2, 2025, marks a pivotal moment for Disney as it seeks to navigate its future, including the search for a new CEO to replace Bob Iger.
Mark Parker, who has served as chairman for the past two years and has been on Disney’s board for nine years, will depart to focus on other commitments, particularly his role at Nike. His tenure has coincided with challenging times for Disney, including navigating the impacts of the pandemic and evolving consumer preferences.
James Gorman, who joined Disney’s board earlier this year, will take on the role of chairman while continuing to lead the succession planning committee responsible for identifying Iger’s successor. Gorman emphasized that appointing a new CEO is a “critical priority,” with an expected announcement in early 2026. This timeline allows for a thorough vetting process to ensure a successful transition before Iger’s contract concludes in December 2026.
Gorman, praised for his leadership during his own succession at Morgan Stanley, brings a wealth of experience to the role. Bob Iger, who returned as CEO in late 2022, acknowledged Gorman’s valuable insights, stating that the board has greatly benefited from his expertise.
Disney’s previous attempts at succession planning have been tumultuous, especially following Iger’s original decision to extend his contract instead of handing over the reins. His initial choice, Bob Chapek, faced significant challenges during his tenure, which was marked by internal strife and ultimately led to his dismissal in November 2022.
As Disney prepares for this leadership transition, it aims to stabilize its operations amid a competitive media landscape. The company reported a slight decline in stock by 0.1% in premarket trading, closing Friday at a three-month high and showing a 7.7% increase in 2024, although it still trails behind the S&P 500’s 23% rally.
With Gorman at the helm as chairman, Disney is set to embark on a critical journey of transformation, focusing on strategic succession and continued innovation in a rapidly changing entertainment industry.
