The Walt Disney Company has taken a significant step in its leadership transition by announcing that it will reveal a new CEO in early 2026. This marks the first time the company has provided a timeline for its succession plans, reflecting a commitment to strategic leadership changes at the storied media and entertainment giant. In a related move, Disney named James Gorman, a veteran of Morgan Stanley, as its new board chair, effective January 2025.
James Gorman: A Wall Street Veteran Steps In
James Gorman, who has served as the CEO of Morgan Stanley for 14 years, will step down from his role as executive chair of the financial institution at the end of 2024 to assume his responsibilities at Disney. Gorman is credited with transforming Morgan Stanley into a formidable player in wealth management and brings extensive experience in navigating corporate transitions, making him a fitting choice for Disney’s board.
Gorman’s appointment comes at a critical juncture for Disney, as the company has faced significant challenges in recent years, including leadership turmoil and increasing pressure from investors.
Bob Iger’s Extended Tenure
Bob Iger, who stepped down as CEO of Disney in 2020 after a 15-year tenure, returned to the role in late 2022 following the dismissal of his successor, Bob Chapek. Iger’s comeback was met with skepticism from investors, particularly as the company reported a series of disappointing earnings. His contract is now set to expire in December 2026, having been extended multiple times to navigate the company’s recovery.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman stated. He emphasized that this timeline would allow for a smooth transition before Iger’s contract concludes, ensuring that the company remains on solid ground.
Gorman’s Role in the Succession Process
In August, Gorman was appointed head of the committee responsible for identifying Iger’s successor. His experience at Morgan Stanley, where he oversaw a successful succession plan, will be invaluable as Disney navigates this critical transition. Former board chair Mark Parker noted Gorman’s capability in guiding the extensive search process for a new CEO, emphasizing that this remains a top priority for the board.
Parker, who is leaving Disney’s board after nine years to focus on other ventures, expressed confidence in Gorman’s leadership, saying, “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.”
Internal Candidates for the CEO Role
Disney’s board has actively discussed succession planning during its regular meetings in fiscal 2024, evaluating both internal and external candidates. Four Disney executives have emerged as potential contenders for the CEO role, each bringing unique strengths to the table.
Dana Walden, co-chair of Disney Entertainment, is regarded as a strong candidate due to her creative vision and successful track record in television. Meanwhile, Josh D’Amaro, chair of Disney Experiences, is noted for his charisma and leadership of the company’s crucial theme park revenue streams. Additionally, Jimmy Pitaro, chair of ESPN, is recognized for steering the network through its digital transition, making him another viable option.
Alan Bergman, another co-chair of Disney Entertainment, has also been identified as a contender, overseeing the film studio that has released blockbuster hits in recent years.
