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The Walt Disney Company named Morgan Stanley veteran James P. Gorman chairman of the board of administrators, efficient January 2, 2025, and stated he’s already a part of the staff “working to establish and put together the subsequent CEO,” with an announcement coming “early 2026.”
Gorman will go away his function at Morgan Stanley on Dec. 31, 2024, in response to a press launch. He at the moment serves as chair of the Disney Board’s Succession Planning Committee.
“James Gorman is an esteemed chief who has grow to be a priceless voice on the Disney Board of Directors since he joined earlier this 12 months, 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 of administrators for 9 years, stated in an announcement. “Drawing on his wealth of expertise, James is skillfully main the intensive search course of for a brand new CEO, which stays a high precedence for the Board.”
Gorman was CEO of the Wall Street financial institution for 14 years and is credited with turning it right into a wealth administration powerhouse.
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James P. Gorman, chairman and CEO of Morgan Stanley, testifies earlier than a House Financial Services Committee listening to on Capitol Hill, April 10, 2019. (Aaron P. Bernstein/Reuters)
“I’m humbled and humbled to have the chance to function chairman of Disney at this necessary time within the firm’s historical past,” Gorman stated in an announcement. “A key precedence earlier than us is appointing a brand new CEO, which we anticipate to announce in early 2026. This timeline displays the progress the Succession Planning Committee and Board are making and can enable ample time for a profitable transition earlier than Bob Iger’s contract ends in December 2026.”
Before Morgan Stanley, Gorman labored in govt positions at Merrill Lynch and was a senior accomplice at McKinsey & Co., Disney stated.
“Disney’s Board of Directors has benefited drastically from James Gorman’s expertise and management, and we’re lucky to have him as our subsequent Chairman, particularly because the Board continues to maneuver ahead with the succession course of,” he stated in an announcement the present CEO of Disney, Bob Iger. “I’m extraordinarily grateful to Mark Parker for his a few years of service and management on the Board, which have been so priceless 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 February 12, 2024. (Valerie Macon/AFP through Getty Images/Getty Images)
| Ticker | Safety | Last | Edit | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 97.28 | +0.74 | +0.77% |
Iger, who’s credited with constructing Disney’s media empire, together with via high-profile acquisitions of Pixar, Marvel and the Star Wars franchise, has seen his retirement date prolonged 5 occasions.
The primary entrance of the Walt Disney Company headquarters in Burbank on July 31, 1995. (Reuters/Reuters)
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He had initially deliberate to remain for 2 years after popping out of retirement, however agreed to increase his time period till 2026. His contract expires in December 2026.
Reuters contributed to this report.
