Disney appoints James P. Gorman as new chairman

By Tamara Parker • Monday, October 21 10:22 • Permanent Link

The Walt Disney Company has announced the appointment of James P. Gorman as the new chairman of the board, effective January 2, 2025. This announcement comes as Mark G. Parker, who has served on the Disney board for nine years, is set to depart. Gorman, currently the executive chairman of Morgan Stanley, will succeed Parker and will also be stepping down from his role at Morgan Stanley at the end of December 2024.

Gorman, who joined the Disney board earlier this year, is also the chair of the company's succession planning committee. The committee, which met six times in fiscal 2024, is responsible for identifying and preparing the next Chief Executive Officer (CEO) of The Walt Disney Company. The board has stated its intention to announce the new CEO in early 2026, allowing for a successful transition before the conclusion of Bob Iger's contract in December 2026.

The board's succession planning committee comprises Gorman, along with directors Mary T. Barra and Calvin R. McDonald, as well as Parker until his departure. The committee has been engaged in a deliberate and thoughtful succession planning process, including the evaluation of transition structures and organizational frameworks, and the planning for potential impacts of succession decisions across the company.

James P. Gorman, who has been a director of the company since 2024, is an esteemed leader with a wealth of experience. He previously served as Morgan Stanley’s Chief Executive Officer from 2010 to 2023 and Chairman from 2012 to 2023. Before joining Morgan Stanley, Gorman held executive positions at Merrill Lynch and was a senior partner at McKinsey & Co. He also serves as a director of the Council on Foreign Relations and is a member of the Business Council.

The Walt Disney Company, a leading diversified international family entertainment and media enterprise, reported annual revenue of $88.9 billion in its fiscal year 2023. As a result of these announcements, the company's shares have moved -0.3% on the market, and are now trading at a price of $97.03. Check out the company's full 8-K submission here.

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