James Gorman is new Disney chairman

Walt Disney has named Morgan Stanley’s James Gorman as its new chairman as the entertainment giant steps up its search for a successor to the chief executive Bob Iger.
Gorman joined Disney’s board less than a year ago and in August he was appointed head of the succession planning committee, where he is leading the search for a new boss.
He will continue to lead that committee when he succeeds Mark Parker as chairman in January.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman said. “This timing will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026.”
Iger, who is credited with extending Disney’s media empire, including through the high-profile acquisitions of Pixar, Marvel and Star Wars, returned as chief executive in 2022. He had initially planned to stay for just two years after coming out of retirement.
There has been criticism of Disney’s succession planning, including from Nelson Peltz, whose investment firm Trian Fund Management bought a stake in the media giant. The activist investor also said the company had been slow to adapt to industry changes, including in streaming, and had made errors in its acquisition strategy.
Gorman will step down as executive chairman of Morgan Stanley at the end of this year. He spent 14 years running the Wall Street bank and is credited with transforming it into a wealth management powerhouse.
He also orchestrated a succession plan in which Ted Pick took over while retaining the two other chief executive candidates, Andy Saperstein and Dan Simkowitz, a rarity on Wall Street.
Iger’s eventual successor and Gorman will have a big task on their hands. Disney has struggled amid competition in streaming, rising content costs and a heavy debt load. Its share price has dropped by about a quarter in the past five years.
Walt Disney, founded almost a century ago, remains one of the most powerful companies in media and entertainment. With a market value of $176 billion, its empire spans Hollywood studios, theme parks and two of the leading subscription video services, Disney+ and Hulu.