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The Walt Disney Firm named Morgan Stanley veteran James P. Gorman as chairman of the board, efficient Jan. 2, 2025, and stated he’s already a part of the crew “working to determine and put together the subsequent chief govt officer,” with an announcement coming in “early 2026.”
Gorman might be stepping down from his function at Morgan Stanley on Dec. 31, 2024, in keeping with a press launch. He’s presently chair of the Disney Board’s Succession Planning Committee.
“James Gorman is an esteemed chief who has turn out to be a useful voice on the Disney Board since becoming a member of earlier this yr, and I’m extraordinarily happy that he has agreed to imagine the function of Chairman upon my departure,” Mark G. Parker, who served on Disney’s board for 9 years, stated in an announcement. “Drawing on his huge expertise, James is expertly guiding the in depth search course of for a brand new CEO, which stays a prime precedence for the Board.”
Gorman had served as CEO of the Wall Avenue financial institution for 14 years and is credited with remodeling it right into a wealth administration powerhouse.
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James P. Gorman, chairman and CEO of Morgan Stanley, testifies earlier than a Home Monetary Providers Committee listening to on Capitol Hill, April 10, 2019. (Aaron P. Bernstein / Reuters)
“I’m honored and humbled to have the chance to function Disney’s Chairman at this vital second within the firm’s historical past,” Gorman stated in an announcement. “A vital precedence earlier than us is to nominate a brand new CEO, which we now count on to announce in early 2026. This timing displays the progress the Succession Planning Committee and the Board are making, and can enable ample time for a profitable transition earlier than the conclusion of Bob Iger’s contract in December 2026.”
Previous to Morgan Stanley, Gorman labored in govt positions at Merrill Lynch and was a senior companion at McKinsey & Co., Disney stated.
“The Disney Board has benefited tremendously from James Gorman’s experience and steering, and we’re fortunate to have him as our subsequent Chairman – notably because the Board continues to maneuver ahead with the succession course of,” present Disney CEO Bob Iger stated in an announcement. “I’m extraordinarily grateful to Mark Parker for his a few years of Board service and management, which have been so helpful to this firm and its shareholders, and to me as CEO.”
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Disney CEO Bob Iger attends the Oscar nominees luncheon in Beverly Hills, California, on Feb. 12, 2024. (Valerie Macon/AFP through Getty Photographs / Getty Photographs)
| Ticker | Safety | Final | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 97.28 | +0.74 | +0.77% |
Iger, who’s credited with constructing Disney’s media empire, together with by way of the high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, has seen his retirement date prolonged 5 instances.
The primary entrance to The Walt Disney Firm headquarters in Burbank, July 31, 1995. (Reuters / Reuters)
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He initially deliberate to remain for 2 years after popping out of retirement, however agreed to increase his tenure by way of 2026. His contract concludes in December 2026.
Reuters contributed to this report.
