Walt Disney Named Morgan Stanley Veteran James Gorman as Chair

Walt Disney appointed Morgan Stanley veteran James Gorman as chair and announced that it would reveal a successor for CEO Bob Iger in early 2026, marking the first time the company has provided a timeline for its succession plan.

Gorman will resign as executive chair of Morgan Stanley at the end of 2024 and discuss his role at Disney in January. He served as CEO of the Wall Street firm for 14 years, during which he transformed it into a leading wealth management powerhouse. He also implemented a CEO succession plan that saw Ted Pick take over at Morgan Stanley, while keeping two other candidates, Andy Saperstein and Dan Simkowitz, in consideration, a rare occurrence on Wall Street.

Gorman's expertise will be valuable at Disney, particularly after the company faced criticism from investor Nelson Peltz regarding its succession management. In August, he was appointed chair of the committee responsible for selecting a successor to Iger, who returned as CEO in 2022 to replace his chosen successor, Bob Chapek.

Iger, credited with building out Disney’s media empire as well through the high-profile purchase of Pixar, Marvel and the Star Wars franchise, has seen his retirement date take five times. 

"A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026," Gorman said in a statement, adding that the timing would "allow ample time for successful transition before the conclusion of Bob Iger's contract in 2026."

Iger planned to stay with the company for two more years after coming out of retirement but finally agreed to stay another two years until 2026. His contract ends in December 2026.

Gorman triumphed over Mark Parker, who is leaving the Disney board after nine years. Parker, who also serves as executive chair of struggling sports retailer Nike, said he plans “ to focus on other areas of my work”.

"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," Parker said in a statement. 

Disney said its board discussed succession planning at each of its regularly scheduled meetings in fiscal 2024. Further continues to review both internal and external candidates.

CEO CANDIDATES

Last year, four Disney executives were considered potential candidates for the CEO position. Leading the pack is Dana Walden, co-chair of Disney Entertainment, known for her creative prowess and a track record of commercial and critical successes, along with strong talent relationships, reminiscent of Iger. Other internal candidates include Josh D’Amaro, Chairman of Disney Experiences, who possesses Iger-like charisma and oversees the company’s key revenue source, its theme parks, and Jimmy Pitaro, Chairman of ESPN, who is adeptly managing the sports network's digital transition. Also in the mix is Alan Bergman, co-chairman of Disney Entertainment and a veteran of the company, who supervises the film studio that has released two blockbuster films this year.