Disney names new chair as CEO search continues

21st Oct 2024 14:53

(Sharecast News) - The Walt Disney Company is poaching Morgan Stanley's executive chairman James Gorman to helm the board, and said it expected to announce a successor to chief executive Bob Iger in 2026.

Gorman, who joined Disney's board this year and already heads up its succession planning committee, will step down from Morgan Stanley at the end of the year and take up his new role at Disney in early January.

He will replace Mark Parker, the current Nike chair who has been on Disney's board since 2016. Parker has only served as chair since April 2023.

"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.

Gorman said Iger's replacement is expected to be announced in "early 2026". He said: "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."

According to the company, the succession planning committee met six times in the most recent fiscal year 2024, and is reviewing both internal and external candidates.

Disney's shares were down 0.4% at $96.89 by 1015 in New York.