Next year, the Walt Disney Company Board of Directors will have a new Chairman as the search to find a successor for Bob Iger heats up.
What’s happening:
- This morning, The Walt Disney Company Board announced that James P. Gorman will become Chairman of the Board next year.
- The change will be effective on January 2nd, 2025
- On that same date, current Chairman Mark G. Parker will depart the Disney Board.
- Parker has spent nine years on the Board and succeeded Susan Arnold as Chairman of the Board.
- While Gorman is currently the Executive Chairman of Morgan Stanley, he will be stepping down from that role at the end of this calendar year.
- Back in August, Gorman was selected as chair of a Succession Planning Committee.
- In his statement released today, Gorman announced that the Disney Company now expects to announce their choice for CEO in “early 2026.”
- Currently, Iger’s contract continues through the end of 2026, following an extension in 2023.
- The Succession Planning Committee (which met six times in fiscal 2024) says it continued to review both internal and external candidates as it looks to “undertake a deliberate and thoughtful succession planning process.”
What they’re saying:
- Disney CEO Bob Iger: “The Disney Board has benefited tremendously from James Gorman’s expertise and guidance, and we are lucky to have him as our next Chairman – particularly as the Board continues to move forward with the succession process. I’m extremely grateful to Mark Parker for his many years of Board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”
- James Gorman: “I am honored and humbled to have the opportunity to serve as Disney’s Chairman at this important moment in the company’s history. In the short time I have had the opportunity to work with Mark, I have come to appreciate and deeply respect his authentic leadership, humility and intelligence. I know all Directors join me in saying we have been honored to serve with him as the Chairman of the Board.”
- Departing Chairman Mark Parker: “James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year, and I am extremely pleased that he has agreed to assume the role of Chairman upon my departure. Drawing on his vast experience, James is expertly guiding the extensive search process for a new CEO, which remains a top priority for the Board. As I prepare to leave the Board to focus on other areas of my work, I am proud of Disney’s renewed position of strength and excited for the company’s future, and I want to thank my fellow directors, Bob Iger and his exemplary management team for their continued strong leadership and dedication.”