Disney has been having a tough time lately. Now, it is about to have its fourth board chair in the last three years as the company continues to navigate the challenges presented by the media industry. According to the company, chairman Mark Parker will step down by the end of 2024. Meanwhile, James Gorman, the CEO of Morgan Stanley, will be the new chairman of Disney from 2025. He will take control of the position at the start of 2025.
Gorman shared his views on his appointment, saying, “I am honored and humbled to have the opportunity to serve as Disney’s chairman at this important moment in the company’s history.” Parker has been on the Disney board for almost a decade and a half, but he only stepped into the chairman role last year, replacing Susan Arnold, who held the office for almost a year before her term expired.
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Gormon will not only replace Parker but will also be a replacement for the company’s CEO, Bob Iger, for now. The company announced that the replacement of Iger will be named in 2026; until then, Gormon will be responsible for his job role. Bob Iger is one of the biggest individual shareholders at Disney, and he was named CEO of the company last year after a brief hiatus.
Parker shared his views on his replacement and said, “James Gorman is an esteemed leader who has become an invaluable voice on the Disney board since joining earlier this year, and I am extremely pleased that he has agreed to assume the role of chairman upon my departure. Drawing on his vast experience, James is expertly guiding the extensive search process for a new CEO, which remains a top priority for the board.”
