The entertainment industry giant Disney has revealed its plans for a significant leadership transition.
According to CBS News, Disney announced on Monday that it will disclose the successor to current CEO Bob Iger in early 2026.
In addition to the CEO succession announcement, Disney has made changes to its board of directors. James Gorman, the executive chairman and former CEO of Morgan Stanley, has been named as the new board chairman effective January 2, 2025. Gorman will replace Mark Parker, who currently serves as the executive chairman of Nike.
The announcement of a specific timeframe for naming Iger's successor marks a significant step in Disney's leadership transition plan. This move allows for a structured and transparent process, giving stakeholders a clear expectation of when the new leadership will be revealed.
Iger, who returned to Disney as CEO in 2022 after previously retiring in 2020, expressed his gratitude for Parker's service and welcomed Gorman's expertise. In a statement, Iger said:
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.
The timing of the announcement aligns with Iger's current contract, which is set to conclude in December 2026. This schedule provides ample time for a smooth transition of power and leadership within the company.
As the incoming board chairman, Gorman will play a crucial role in overseeing the CEO succession process. He emphasized the ongoing nature of this task and the board's commitment to finding the right leader for Disney's future.
Gorman stated that the timing of the CEO announcement reflects the progress being made by the Succession Planning Committee and the board. He highlighted that this timeline would allow for a successful transition before the end of Iger's contract in December 2026.
Bob Iger's influence on Disney has been substantial, with his leadership spanning 15 years before his initial retirement in 2020. His return to the company in 2022 came after the board's decision to dismiss Bob Chapek from the CEO position.
Since his return, Iger has faced several challenges, including the need to restructure Disney's business operations and reduce costs. One of the most significant actions taken under his renewed leadership was the announcement of 7,000 job cuts as part of a broader cost-cutting initiative.
In 2024, Iger successfully navigated a challenge from activist investor Nelson Peltz, who had sought to gain a seat on Disney's board through a proxy fight. Iger's ability to fend off this challenge demonstrated his continued influence and the board's confidence in his leadership.
Disney's announcement of its CEO succession timeline and board changes marks a significant moment in the company's history. The plan to reveal Bob Iger's successor in early 2026, coupled with James Gorman's appointment as the new board chairman, sets the stage for a carefully orchestrated leadership transition.
As Disney prepares for this new chapter, industry observers and stakeholders will be keenly watching how these changes shape the future of one of the world's most iconic entertainment companies.
