Disney will name Bob Iger's replacement in early 2026; James Gorman to become board chair next year

Disney has tapped James Gorman to regenerate Mark Parker arsenic the company's adjacent chairman, effectual successful January, arsenic the media elephantine lays the groundwork to sanction a successor for CEO Bob Iger successful aboriginal 2026, the institution said Monday.

Gorman joined Disney's committee less than a twelvemonth ago and was named the head of the succession readying committee successful August. He volition proceed to pb that committee aft helium takes implicit arsenic committee president from Nike Executive Chairman Parker.

"The Disney committee has benefited tremendously from James Gorman's expertise and guidance, and we are fortunate to person him arsenic our adjacent president – peculiarly arsenic the committee continues to determination guardant with the succession process," Iger said successful a statement. "I'm highly grateful to Mark Parker for his galore years of committee work and leadership, which person been truthful invaluable to this institution and its shareholders, and to maine arsenic CEO."

Parker volition measurement down aft 9 years connected the Disney committee "to absorption connected different areas" of his work, according to a Disney statement. That includes spending much clip moving connected Nike-related matters, according to a idiosyncratic acquainted with the matter. Elliott Hill took implicit arsenic Nike CEO past week, replacing John Donahoe.

Disney had initially targeted 2025 to denote a successor, arsenic CNBC reported past year. Pushing the day backmost to aboriginal 2026 volition springiness the committee much clip to behaviour owed diligence connected some interior and outer candidates, according to radical acquainted with the matter, who asked not to beryllium named due to the fact that the discussions are private.

Gorman has acquisition with succession planning: He oversaw the orderly transportation of powerfulness astatine Morgan Stanley, with Ted Pick succeeding him arsenic CEO there astatine the commencement of this year.

Succession hasn't been creaseless astatine Disney. The committee fired Iger's handpicked successor, Bob Chapek, successful November 2022 aft a turbulent tenure that lasted little than 3 years. Iger returned to the CEO job, and now, Disney shareholders are anxious to spot a succession program stick.

Iger's 4 nonstop reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman — person each interviewed with the succession committee successful caller weeks, since Gorman took implicit successful August, according to the radical familiar.

Gorman said successful a CNBC interrogation successful March, earlier taking implicit arsenic the board's succession chair, that Disney was running a "forward-looking, forward-leaning, incredibly disciplined process."

Still, portion putting a circumstantial timeline connected naming a successor adds a spot of clarity to the search, it besides means the question of who volition instrumentality implicit for Iger volition proceed to hover implicit the institution for different year.

Iger has pushed backmost his status 5 antithetic times to proceed to pb Disney arsenic CEO. Activist capitalist Nelson Peltz focused connected the board's nonaccomplishment to sanction a lasting successor successful his unsuccessful campaign to summation committee seats earlier this year.

Iger's existent declaration arsenic CEO runs until Dec. 31, 2026. He and the committee haven't decided if Iger volition widen his committee tenure past 2026, said the radical familiar.