As part of the strategic succession planning undertaken by Disney, it revealed that it would announce the appointment of a successor for Chief Executive Bob Iger early in 2026. It’s within the same statement where the house includes former chief executive at Morgan Stanley James Gorman to assume board chairperson in January 2025 as Mark Parker steps aside, he being the existing chairman and Executive Chairman at Nike.
Gorman joined the board of Disney less than a year ago and has been chairing the succession planning committee since August. He has vast experience in leadership transitions, having managed a successful succession at Morgan Stanley. Iger, in a statement said, “I am incredibly confident in Gorman. “The Disney board has significantly benefited from the insight and leadership of James Gorman, and it is an honor to welcome him as our next chairman. Parker has made important contributions during his nine years serving on the Disney board of directors.”
The delay in announcing the Iger successor is probably because the board would have more time to familiarize themselves with the candidate, internal or external. This decision is probably the lesson learned from previous succession battles when the board dismissed handpicked successor Bob Chapek, and since then, Iger took the reins back and the market is hoping for a more stable transition.
Iger’s direct subordinates include ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman, whom he has met with. Gorman has stressed a careful and forward-looking approach during the succession process, thus ensuring that the selection is informed.
The announcement provides a more defined timeline for succession but prolongs uncertainty about Iger’s eventual successor, as there is still discussion regarding whether Iger will extend his contract beyond December 31, 2026. In his campaign for board seats earlier this year, activist investor Nelson Peltz had pointed out the board’s difficulties in naming a permanent successor.
At this critical juncture, what Disney needs is a proper succession plan that the board of directors must emphasize so that the stability and confidence of the shareholders and other stakeholders can be maintained.
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