Disney announced significant leadership changes, with James Gorman set to become chairman of the board next January, replacing Mark Parker. The company is also on track to name a successor for CEO Bob Iger by early 2026. With succession planning in motion, the Disney board is taking a systematic approach to ensure a smooth leadership transition.
James Gorman Takes Over as Board Chair
Starting in January, James Gorman, who joined Disney’s board less than a year ago, will take the reins from Nike’s Executive Chairman, Mark Parker. Gorman, who currently heads Disney’s succession planning committee, will continue to select Iger’s replacement.
Disney’s current CEO, Bob Iger, expressed his confidence in Gorman’s appointment: “The Disney board has benefited tremendously from James Gorman’s expertise and guidance, and we are lucky to have him as our next chairman.” Iger also thanked Parker for his contributions: “I’m extremely grateful to Mark Parker for his many years of board service and leadership, which have been valuable to this company and its shareholders, and to me as CEO.”
Parker, stepping down after nine years on the board, will shift his focus back to Nike following changes in the sportswear company’s leadership.
Disney’s Delayed Timeline for CEO Succession
Although Disney initially planned to announce Iger’s successor by 2025, the timeline has been pushed to early 2026 to allow the board to perform thorough evaluations. Sources suggest that internal and external candidates are under consideration, ensuring the company makes the best decision for its future.
Gorman’s experience with executive transitions makes him an ideal fit for leading this process. Earlier this year, he successfully oversaw Morgan Stanley’s leadership transition, with Ted Pick taking over as CEO.
A Critical Search for Iger’s Replacement
The search for a lasting CEO has been a challenge for Disney. After three years, Iger’s previous successor, Bob Chapek, was removed in 2022, forcing ger to step back into the role. Disney shareholders are eager for stability and hope this new plan will result in a more permanent leadership solution.
The board has interviewed several high-ranking Disney executives, including ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman.
In a March interview, Gorman emphasized the board’s careful approach: “Disney is running a forward-looking, forward-leaning, incredibly disciplined process.”
Iger’s Future Remains Unclear Beyond 2026
Bob Iger’s contract as CEO runs until December 31, 2026. Although the board has not ruled out extending Iger’s tenure beyond that date, his long-term involvement continues to loom over Disney.
Iger’s leadership has been instrumental in Disney’s growth, though his repeated postponements of retirement have drawn criticism. Activist investor Nelson Peltz’s campaign earlier this year called out the board for its inability to secure a stable successor, though the campaign failed to gain traction.
A Year of Leadership Decisions Lies Ahead
With James Gorman taking over as chairman and the ongoing search for Bob Iger’s successor, Disney’s leadership transition will remain a central focus over the coming year. As Iger’s influence continues to shape Disney’s direction, the next CEO will have significant expectations to meet.
The early 2026 announcement promises clarity for investors and employees alike as Disney aims to move past previous leadership challenges and secure a strong future.
