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The Walt Disney Company has appointed Morgan Stanley veteran James P. Gorman as chairman of its board of directors, effective January 2, 2025, and the company is already “working to identify and prepare its next chief executive officer.” ” announced in an announcement that he is part of the team. It is scheduled to appear in “early 2026.”
Mr. Gorman plans to retire from his role at Morgan Stanley on December 31, 2024, according to a press release. He currently serves as Chairman of the Succession Planning Committee of the Disney Board of Directors.
“James Gorman is a respected leader who has been a valuable voice on the Disney board since joining us earlier this year, and will assume the role of chairman upon my retirement,” said Mark G. Parker. I am very happy that he agreed to this.” He served on Disney's board of directors for nine years, he said in a statement. “James brings a wealth of experience to the table and has expertly guided the extensive search process for a new CEO, which remains a top priority for the board.”
Mr. Gorman served as CEO of the Wall Street bank for 14 years and is credited with turning the bank into a wealth management powerhouse.
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Morgan Stanley Chairman and CEO James P. Gorman testifies during a House Financial Services Committee hearing at the U.S. Capitol on April 10, 2019. (Aaron P. Bernstein/Reuters)
“I am honored and humbled by the opportunity to serve as Chairman of Disney at this important time in Disney's history,” Gorman said in a statement. “A key priority before us is to appoint a new CEO, which we expect to announce in early 2026. This timing will reflect the progress of the succession planning committee and board of directors. Bob Iger's contract ends in December 2026. ”
Before joining Morgan Stanley, Gorman held executive positions at Merrill Lynch and was a senior partner at McKinsey & Company, Disney said.
“The Disney Board has benefited greatly from James Gorman's expertise and guidance, especially as the Board navigates the succession process,” Bob Iger, Disney's current CEO, said in a statement. We are fortunate to have him as our next chairman.” “Mark Parker's many years of service and leadership on the Board have been invaluable to this company, its shareholders, and to me as CEO, and I am extremely grateful.”
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Disney CEO Bob Iger attends the Oscar nominee luncheon on February 12, 2024 in Beverly Hills, California. (Valerie Macon/AFP via Getty Images/Getty Images)
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| DIS | walt disney company | 97.28 | +0.74 |
+0.77% |
Iger is credited with building Disney's media empire through high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, and his retirement date has been extended five times.
The main entrance to the Walt Disney Company headquarters in Burbank, July 31, 1995. (Reuters/Reuters)
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He was originally scheduled to stay on for two years after his retirement, but agreed to extend his tenure until 2026. The contract ends in December 2026.
Reuters contributed to this report.
