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.