Business
Disney Plans to Announce Bob Iger’s Successor in Early 2026; James Gorman to Take Over as Board Chair Next Year
The Walt Disney Company has made a significant announcement regarding its leadership structure, revealing that James Gorman will replace Mark Parker as the chairman of the board, effective January 2024. This transition comes as the entertainment giant prepares for a crucial period of succession planning, with plans to name a successor for long-time CEO Bob Iger by early 2026, a shift that reflects the company’s commitment to a thorough evaluation of potential candidates.
Gorman, who has been on Disney’s board for less than a year, was appointed the head of the succession planning committee back in August. His leadership of this committee will continue as he steps into the role of board chairman. Bob Iger, the current CEO, expressed confidence in Gorman’s capabilities, stating that the Disney board has greatly benefited from Gorman’s expertise and insight. Iger remarked on the fortunate timing of Gorman’s appointment, especially as the board navigates the complexities of the succession process.
In his statement, Iger also took the opportunity to convey his heartfelt appreciation for Mark Parker, who has served on Disney’s board for nine years. Iger noted that Parker’s contributions to the company and its shareholders have been invaluable, reflecting the strong leadership and vision that Parker provided during his tenure.
Parker’s departure from the board is driven by his desire to focus on other professional commitments, particularly those related to his role at Nike, where he serves as Executive Chairman. A source familiar with the situation indicated that Parker’s shift would allow him to devote more attention to Nike-related matters, especially following the recent transition of leadership within that company.
Originally, Disney had aimed to announce Iger’s successor by 2025; however, the board’s decision to extend the timeline to early 2026 will enable a more comprehensive assessment of both internal and external candidates. This extended timeline is intended to ensure that the board can conduct thorough due diligence on all potential successors, providing ample opportunity for discussion and consideration among board members.
Gorman’s extensive background in leadership and succession planning is noteworthy, particularly his recent experience at Morgan Stanley, where he oversaw the seamless transition of leadership with Ted Pick stepping in as CEO at the start of this year. His proven track record in handling complex succession processes positions him well for the challenges ahead at Disney.
With a potential TikTok ban looming in the United States, many of the app’s 170 million American users are flocking to the Chinese platform RedNote. Dubbed “TikTok refugees,” these users have propelled RedNote to the top spot on Apple’s US App Store as of Monday.
RedNote, known in China as Xiaohongshu or “Little Red Book,” boasts approximately 300 million monthly users and combines features similar to TikTok and Instagram. It is particularly popular among young urban women in China, Taiwan, and other Mandarin-speaking regions, offering a platform for exchanging lifestyle tips on topics ranging from fashion to relationships.
The app’s growing popularity comes as the U.S. Supreme Court prepares to decide on a law requiring TikTok to sell its U.S. operations by January 19 or face a ban. TikTok has refused to sell, arguing that such a move would violate the free speech rights of its users.
RedNote has embraced its influx of U.S. users, with 63,000 posts tagged “TikTok refugee” providing guidance on navigating the platform and learning basic Chinese phrases. One U.S. user humorously wrote, “To our Chinese hosts, thanks for having us—sorry in advance for the chaos.”
Despite its warm reception, RedNote is not without controversy. Critics point to censorship concerns, particularly regarding criticisms of the Chinese government. Additionally, public officials in Taiwan are restricted from using RedNote due to perceived security risks associated with Chinese software.
As U.S. users join RedNote, some Chinese users have joked about being labeled “Chinese spies,” referencing U.S. officials’ concerns over TikTok’s alleged ties to Chinese government surveillance. However, RedNote has distanced itself from political associations, stating that its name does not reference Mao Zedong’s famous “Little Red Book.”
Bitcoin has soared to a new all-time high, briefly surpassing $106,000 (£83,890) on Monday during Asian trading hours. The cryptocurrency’s unprecedented rally marks a 50% surge since Donald Trump’s victory in the U.S. presidential election on November 5, with market sentiment buoyed by the incoming administration’s pro-cryptocurrency stance.
The Trump administration has signaled a friendlier approach to digital currencies compared to its predecessor. Notably, President-elect Trump recently announced plans to explore creating a national Bitcoin reserve, akin to the U.S. strategic oil reserve, to support the cryptocurrency’s strategic adoption.
Peter McGuire of trading platform XM.com attributed the surge to growing “FOMO” (fear of missing out) among investors. “The Bitcoin rally since the election has been parabolic,” McGuire explained. “Many investors believe $120,000 is achievable by the end of the year, and projections for mid-2025 suggest prices could exceed $150,000.”
Adding to the market optimism, Trump has appointed David Sacks, a Silicon Valley entrepreneur and former PayPal executive, as his AI and cryptocurrency czar. Sacks, known for his close ties to Trump advisor and billionaire Elon Musk, is expected to play a significant role in shaping the administration’s blockchain and cryptocurrency policies.
Chinese crypto entrepreneur Justin Sun, known for his headline-grabbing antics, recently made waves after consuming a $6.2 million banana in an art stunt. Not long after, Sun invested $30 million into World Liberty Financial, a cryptocurrency firm with ties to former President Donald Trump.
The investment proved transformative for the struggling company, pushing it past the threshold needed for Trump to begin profiting from the venture. Trump and his family are now positioned to collect around $20 million, with the potential for more.
Sun, currently facing fraud charges in the U.S. over his own crypto operations, did not elaborate on why he backed the untradable token initiative. However, the move has raised concerns among ethics experts, who view it as an example of how Trump’s vast business interests could create avenues for influence.
Richard Painter, former White House ethics lawyer under George W. Bush, noted the heightened risk:
“The conflicts have grown substantially with the scope of his business empire.”
Trump’s spokeswoman, Karoline Leavitt, dismissed concerns, highlighting that Trump had distanced himself from his real estate empire during his presidency and donated his salary:
“Unlike most politicians, President Trump didn’t get into politics for profit – he’s fighting because he loves this country.”
Critics argue that Trump has not adequately addressed the potential for corruption as his business dealings expand ahead of a possible return to the White House.
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