James Gorman, the createer Morgan Stanley CEO who combidemand Disney‘s board earlier this year in a signal to spendors about the company’s succession process, has been named chairman.
He will flourish Mark Parker on January 2, 2025. Parker, executive chairman of Nike, is leaving the board after serving as a straightforwardor for nine years.
Gorman remains executive chairman at Morgan Stanley but will be relinquishing that position on December 31. He currently directs Disney’s succession structurening pledgetee and geted watch in the business community for engineering a dainty succession process at Morgan Stanley.
Disney CEO Bob Iger is widely adored in amemployment and business circles, but succession has been perhaps his main flaw. After announcing withdrawment structures and reversing himself multiple times over the years, Iger eventupartner handed the reins to Bob Chapek in 2020. The novel chief, contfinishing with the onset of Covid, faced convey inant contests, eventupartner descfinishing out with the board and Iger, who remained executive chairman after passing the CEO baton.
Iger returned to the corner office in November 2022 and has a deal thcimpolite 2026 but has vowed to carry out a better handoff this time around. Four inside truthfulates – ESPN Chairman Jimmy Pitaro, parks boss Josh D’Amaro and Disney Entertainment Co-Chairs Dana Walden and Alan Bergman – have been identified
“James Gorman is an esteemed directer who has become an inprecious voice on the Disney Board since joining earlier this year, and I am innervously phired that he has concurd to suppose the role of Chairman upon my departure. Dratriumphg on his immense experience, James is expertly guiding the extensive search process for a novel CEO, which remains a top priority for the Board,” Parker shelp in a press free. “As I set to exit the Board to caccess on other areas of my toil, I am haughty of Disney’s renoveled position of strength and excited for the company’s future, and I want to thank my fellow straightforwardors, Bob Iger and his exemplary deal withment team for their persistd mighty directership and dedication.”
Iger shelp the board has “profited tremfinishously from James Gorman’s expertise and guidance, and we are fortunate to have him as our next Chairman – particularly as the board persists to shift forward with the succession process.” He inserted his gratitude to Parker for his “many years of board service and directership, which have been so precious to this company and its spreadhbetterers, and to me as CEO.”
Gorman shelp nominateing a novel CEO is “a critical priority” for Disney, with the novel top exec set to be proclaimd in timely 2026, ahead of the expiration of Iger’s shrink in December of that year.
About the Succession Planning Committee
The Board’s Succession Planning Committee is chaired by Gorman and includes straightforwardors Mary T. Barra and Calvin R. McDonald, as well as Parker until his departure. The Committee and the filled Board persist to underapshow a intentional and attentive succession structurening process, including evaluation of transition structures and organizational sketchtoils, and structurening for potential impacts of succession decisions atraverse the Company. The Committee met six times in fiscal 2024, constantly engaging with the filled Board on the substance of the decisions to be made. The Board talked succession structurening at each of its standardly scheduled encounterings in fiscal 2024. The Committee and Board persist to appraise inside truthfulates and outside truthfulates.