The entertainment giant Disney has revealed its plans for a leadership transition, setting the stage for a new era in the company's storied history.
According to CBS News, Disney announced on Monday that it will disclose the successor to current CEO Bob Iger in early 2026.
Disney has also made a notable adjustment to its board of directors and CEO succession plan. James Gorman, the executive chairman and former CEO of Morgan Stanley, has been appointed as the new board chairman, starting January 2, 2025.
He will replace Mark Parker, the executive chairman of Nike, who has been a long-time member of Disney's board.
The announcement of Disney's succession plan comes at a crucial time for the company. Bob Iger, who has been the face of Disney for over 15 years, initially retired in 2020 but returned to the helm in 2022 after the company parted ways with his successor, Bob Chapek.
Since his return, Iger has been focused on restructuring Disney's business and implementing cost-cutting measures. These efforts have included significant job cuts, with the company announcing plans to eliminate 7,000 positions in 2024. Iger has also successfully navigated challenges from activist investors, including a proxy fight with Nelson Peltz.
The decision to announce the timeline for Iger's replacement reflects the company's commitment to a thoughtful and well-planned leadership transition. It also provides stakeholders with a clear understanding of Disney's future direction.
The appointment of James Gorman as the new board chairman brings a fresh perspective and expertise to Disney's leadership team. Gorman, who has had a successful tenure at Morgan Stanley, will step down from his role at the investment bank before assuming his new position at Disney.
Iger expressed his gratitude for the incoming chairman, stating:
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.
While the specific identity of Iger's successor remains undisclosed, the company has provided clarity on the timeline for this important decision. Gorman, in his capacity as the incoming board chairman, addressed the ongoing CEO search process:
A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. This timing reflects the progress the Succession Planning Committee and the board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger's contract in December 2026.
This statement underscores the deliberate and methodical approach Disney is taking to ensure a smooth leadership transition. The extended timeline allows for thorough vetting of potential candidates and provides stability for the company during this period of change.
The announcement of Disney's succession plan and board changes marks a significant moment in the company's evolution. As one of the world's most recognizable entertainment brands, Disney's leadership decisions have far-reaching implications for the industry and its millions of fans worldwide.
The timeline for announcing Iger's successor in early 2026 provides a clear roadmap for the future while allowing the current leadership team to continue implementing strategic initiatives. This approach aims to ensure continuity and stability during the transition period, which is crucial for a company of Disney's size and complexity.
