Disney has tapped James Gorman to replace Mark Parker as the company’s next chairman, effective January, as the media giant lays the groundwork to name a successor to CEO Bob Iger in early 2026, the company said Monday.
Gorman joined Disney’s board less than a year ago and was named head of the company’s succession planning committee in August. He will continue to lead that committee after he takes over from Nike Executive Chairman Parker as chairman of the board.
“Disney’s board has benefited tremendously from James Gorman’s expertise and guidance, and we are pleased to have him as our next chairman, especially as the board continues its succession process,” Iger said in a statement. “I am deeply grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”
Parker will step down after nine years on Disney’s board “to focus on other areas” of his job, according to a statement from Disney. That means he will spend more time on Nike-related matters, according to a person familiar with the matter. Elliott Hill took over as Nike’s CEO last week, replacing John Donahoe.
Disney initially targeted 2025 to announce a successor, as CNBC reported last year. Moving the date to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be identified because the discussions are private.
Gorman has experience with succession planning, having overseen the orderly transition of power at Morgan Stanley, when Ted Pick succeeded him as CEO earlier this year.
The succession process at Disney has not been smooth. The board fired Iger’s hand-picked successor, Bob Chapek, in November 2022 after a turbulent tenure of less than three years. Iger returned to the CEO role, and now Disney shareholders are eager to see a succession plan stick.
Iger’s four direct reports — ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro and Disney Entertainment co-chairs Dana Walden and Alan Bergman — have all interviewed with the succession committee in recent weeks since Gorman took over in August, according to people familiar with the matter.
Gorman said in a March interview with , before he took over as chairman of the succession committee, that Disney had a “forward-looking, forward-thinking, incredibly disciplined process.”
Still, while setting a specific timeline for naming a successor provides some clarity to the search, it also means that the question of who will succeed Iger will hang over the company for another year.
Iger has delayed his retirement five times to continue leading Disney as CEO. Activist investor Nelson Peltz focused on the board’s failure to name a permanent successor in his failed campaign for board seats earlier this year.
Iger’s current contract as CEO runs through Dec. 31, 2026. He and the board have not yet decided whether Iger will extend his term beyond 2026, the people familiar said.