Disney has announced significant changes to its top leadership positions, including the appointment of James Gorman as the new chairman of its board. Gorman, a globally prominent banker, financier, and businessman, as well as the former executive chairman and CEO of Morgan Stanley, will also lead the committee tasked with finding a suitable successor to CEO Bob Iger by 2026.
Gorman is set to replace Mark Parker, the executive chairman of Nike and chairman of The Walt Disney Company, who will step down from Disney’s board on January 2, 2025. Meanwhile, Gorman will relinquish his role as executive chairman of Morgan Stanley on December 31, 2024.
This is what Gorman said in a recent press release provided by Disney.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. This 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.”
It makes sense that Disney is giving ample time to find a worthy successor for Iger after the chaos caused by his previous successor, Bob Chapek, who took the reins at Disney from Iger in 2020. However, Chapek’s leadership mostly harmed Disney rather than benefiting the conglomerate. His reign was plagued by many controversies, a situation that ultimately led to his ousting and marked Iger’s return in November 2022.
Moreover, the COVID-19 pandemic played a key role in undermining Chapek’s leadership, leading to the closure of theaters globally and the shutdown of many of Disney’s cruise lines and theme parks. As a result, he was forced to invest heavily in streaming, a costly bet. According to many insiders, Chapek was involved in a series of missteps and miscalculations that ultimately weakened his leadership position at Disney. Things certainly worsened for Chapek after Iger openly criticised his work and decisions.
Meanwhile, Iger has promised to ensure a smoother transition this time. The primary candidates being considered for his replacement are Disney Entertainment Co-Chairs Alan Bergman and Dana Walden, theme parks head Josh D’Amaro, and ESPN Chairman Jimmy Pitaro. Stay tuned for more updates.
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