Disney is preparing for new leadership, with Morgan Stanley executive James Gorman set to become Board Chairman in January, and Bob Iger's successor to be announced in 2026.
ADVERTISEMENT
Gorman, who will relinquish his Morgan Stanley role in December, has been heading up the company's Succession Planning Committee since August.
"A critical priority before us is to appoint a new CEO," Gorman said in a statement. "...The timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger's contract in December 2026."
Iger has already seen his retirement postponed on five occasions, CNBC reports.
Gorman's predecessor, Nike executive Mark Parker, says he is parting ways with the Board to focus on other work priorities, after nearly a decade at the helm.
ADVERTISEMENT
"The Disney Board has benefited tremendously from James Gorman's expertise and guidance, and we are lucky to have him as our next Chairman -- particularly as the Board continues to move forward with the succession process," Iger said in his statement.