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The Walt Disney Company revealed Monday its timeline for naming CEO Bob Iger's successor, pushing the anticipated announcement to early 2026 – later than the company's initial 2025 target. The media giant simultaneously announced that James Gorman, former Morgan Stanley CEO, will assume the role of board chairman in January.
The succession timeline marks a critical juncture for Disney's leadership transition. "A critical priority before us is to appoint a new CEO," Gorman stated, noting that the extended timeline "will allow ample time for a successful transition before the conclusion of Bob Iger's contract in December 2026."
Internal candidates have already begun meeting with the succession committee. Sources familiar with the matter confirm that four top executives – ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman – have conducted interviews since August.
The leadership change comes at a pivotal moment for Disney, which has faced recent challenges including a proxy battle with activist investor Nelson Peltz and the need to cut 7,000 jobs amid broader restructuring efforts. Iger, who initially led Disney for 15 years before retiring in 2020, returned in November 2022 following Bob Chapek's tumultuous tenure.
Gorman's appointment as chairman, replacing Nike Executive Chairman Mark Parker, brings succession planning expertise to the role. At Morgan Stanley, Gorman successfully orchestrated his own leadership transition to Ted Pick earlier this year. Parker will step down after nine years on Disney's board to focus on Nike-related responsibilities, following John Donahoe's recent replacement by Elliott Hill as Nike's CEO.
"The Disney board has benefited tremendously from James Gorman's expertise and guidance," Iger remarked in Monday's announcement, praising Parker's "valuable" contributions to the company and its shareholders.
The extended timeline for naming Iger's successor suggests a thorough vetting process for both internal and external candidates. This methodical approach follows the board's previous succession challenges, including the abbreviated tenure of Bob Chapek, Iger's initially chosen successor.
With this announcement, Disney aims to ensure a more stable transition than its last leadership change, while maintaining focus on its ongoing business transformation under Iger's current leadership through early 2026.
The succession timeline marks a critical juncture for Disney's leadership transition. "A critical priority before us is to appoint a new CEO," Gorman stated, noting that the extended timeline "will allow ample time for a successful transition before the conclusion of Bob Iger's contract in December 2026."
Internal candidates have already begun meeting with the succession committee. Sources familiar with the matter confirm that four top executives – ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman – have conducted interviews since August.
The leadership change comes at a pivotal moment for Disney, which has faced recent challenges including a proxy battle with activist investor Nelson Peltz and the need to cut 7,000 jobs amid broader restructuring efforts. Iger, who initially led Disney for 15 years before retiring in 2020, returned in November 2022 following Bob Chapek's tumultuous tenure.
Gorman's appointment as chairman, replacing Nike Executive Chairman Mark Parker, brings succession planning expertise to the role. At Morgan Stanley, Gorman successfully orchestrated his own leadership transition to Ted Pick earlier this year. Parker will step down after nine years on Disney's board to focus on Nike-related responsibilities, following John Donahoe's recent replacement by Elliott Hill as Nike's CEO.
"The Disney board has benefited tremendously from James Gorman's expertise and guidance," Iger remarked in Monday's announcement, praising Parker's "valuable" contributions to the company and its shareholders.
The extended timeline for naming Iger's successor suggests a thorough vetting process for both internal and external candidates. This methodical approach follows the board's previous succession challenges, including the abbreviated tenure of Bob Chapek, Iger's initially chosen successor.
With this announcement, Disney aims to ensure a more stable transition than its last leadership change, while maintaining focus on its ongoing business transformation under Iger's current leadership through early 2026.
