Disney’s leadership shake-up beckons as James Gorman steps up to guide the entertainment giant into a new era.
At a Glance
- Walt Disney named James Gorman as chair and announced a CEO succession plan for early 2026.
- Gorman will step down as executive chair of Morgan Stanley at the end of 2024 and join Disney in January.
- Gorman is credited with transforming Morgan Stanley into a wealth management powerhouse.
- Iger’s contract concludes in December 2026, with a new CEO expected to be announced in early 2026.
Leadership Transition at Disney
The Walt Disney Company has appointed James Gorman as its new chairperson, marking a vital step in its leadership transition strategy. With plans to announce a successor to Bob Iger by early 2026, Disney sought Gorman’s extensive experience from his successful period at Morgan Stanley. An announcement stated that Gorman will step down as Morgan Stanley’s executive chair by the end of 2024 and assume his role at Disney in January. His financial insights are expected to address Disney’s complex industry challenges.
Gorman’s tenure at Morgan Stanley showcased his ability to transform the company into a wealth management leader. This experience is seen as critical for Disney as they navigate their succession planning. The company, having faced recent criticisms for succession mishandling, intends to draw from Gorman’s orchestrated CEO transition at Morgan Stanley. The entertainment conglomerate hopes to rectify past issues under his guidance, ensuring a smoother transition of power.
NEW: The Walt Disney Company Board of Directors has named James P. Gorman as Chairman of the Board, effective January 2, 2025.
Gorman is currently Chair of the Disney Board’s Succession Planning Committee.
Disney expects to announce a new CEO in early 2026. pic.twitter.com/kV7AUFwrq7
— Boardwalk Times (@BoardwalkTimes) October 21, 2024
Bob Iger’s Extended Tenure
Bob Iger, instrumental in Disney’s media empire expansion, will continue his tenure until the end of 2026. This extension allows Iger to oversee and mentor his eventual successor, adhering to Disney’s strategic goals. While Disney’s board is actively discussing succession and reviewing potential candidates, the company aims to harness Iger’s expertise to ensure a seamless transition of leadership in an increasingly evolving global media landscape.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman said in a statement.
Upon taking on his new role, Gorman will replace Mark Parker, who is stepping down after nine years on Disney’s board. The board looks at this leadership shuffle as crucial for future-proofing the company, ensuring the entertainment titan stays at the forefront of the industry. This decision aligns with their need for fresh vision and expertise amidst continuous global media evolution.
Breaking News: Disney said it would name a new CEO to succeed Bob Iger in "early 2026," later than many in Hollywood had expected. https://t.co/Ys5l9dwTcO
— The New York Times (@nytimes) October 21, 2024
Potential Candidates for CEO
With succession discussions underway, Disney’s board reviews a slate of internal candidates, including Disney Entertainment co-chair Dana Walden, Disney Experiences chairman Josh D’Amaro, ESPN chairman Jimmy Pitaro, and Disney Entertainment co-chairman Alan Bergman. These candidates represent Disney’s strategic interests across its diverse business portfolio, each offering unique strengths toward leading the company’s next chapter.
By placing their trust in Gorman, Disney signals a bold move towards overcoming legacy challenges, including those pointed out by activist investor Nelson Peltz. The intense scrutiny of Disney’s prior mishandlings accentuates the weight of Gorman’s role in shaping successful succession, fortifying Disney’s commitment to innovation, growth, and staying ahead amid a dynamically shifting industry.
