Early 2026, Disney will reveal Bob Iger's successor as CEO, while James Gorman will assume the role of board chair starting next year.

• In early 2026, Disney will appoint a new CEO to replace Bob Iger, the company announced in a statement.
• In January, Nike Executive Chairman Mark Parker will be replaced as chairman by former Morgan Stanley CEO James Gorman.
• The four direct reports of Iger, namely ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman, have all interviewed with the succession committee recently, according to sources.

The company has appointed James Gorman as its next chairman, effective in January, as it prepares to name a successor for CEO Bob Iger in early 2026, the company announced Monday.

Gorman has been on Disney's board for less than a year and was appointed head of the succession planning committee in August. He will continue to lead that committee after he becomes board chairman in place of Nike Executive Chairman Parker.

"James Gorman's expertise and guidance have greatly benefited the Disney board, and we are fortunate to have him as our next chairman as we continue with the succession process," Iger stated. "I am deeply grateful to Mark Parker for his invaluable leadership and service to the board and shareholders over many years, and to me as CEO."

After nine years on the Disney board, Parker will step down to focus on other areas of his work, including spending more time on -related matters, according to a person familiar with the matter. Meanwhile, Elliott Hill has taken over as Nike CEO, replacing John Donahoe.

Early 2026

Disney had initially planned to reveal a successor in 2025, as reported by CNBC last year. However, the company has now decided to postpone the announcement until early 2026, giving the board more time to conduct thorough research on both internal and external candidates, according to sources close to the matter who requested anonymity due to the confidential nature of the discussions.

Ted Pick succeeded Gorman as CEO of Morgan Stanley at the start of this year, with Gorman having experience in succession planning.

Disney shareholders are eager to see a smooth succession plan after the board fired Iger's handpicked successor, Bob Chapek, in November 2022.

The four direct reports of Iger, including ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro, and Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman, have all interviewed with the succession committee since Gorman assumed the role in August, according to sources.

Before becoming the board's succession chair, Gorman stated in a CNBC interview in March that Disney was following a "forward-looking, forward-leaning, and disciplined process."

Although setting a specific timeline for naming a successor provides some clarity to the search, it also means that the question of who will replace Iger will remain a concern for the company for another year.

Disney CEO Bob Iger has postponed his retirement five times to remain in charge. Nelson Peltz, an activist investor, criticized the board for not appointing a permanent successor during his failed attempt to secure board seats earlier this year.

Iger's current contract as CEO ends on December 31, 2026. It is unclear if he will continue to serve on the board beyond that date, according to sources.