The Walt Disney Company Board of Directors has named James P. Gorman as its new Chairman, effective January 2, 2025. He succeeds Mark G. Parker, who is departing after 9 years of service. This post shares details of the announcement, a succession planning update, plus our thoughts.
Gorman joined Disney’s board less than a year ago and in August was named the Chair of the Disney Board’s Succession Planning Committee, which is working to identify and prepare the next chief executive officer of The Walt Disney Company. He will continue to lead that committee after he takes over as board chairman from Nike Executive Chairman Parker. Gorman is currently Executive Chairman of Morgan Stanley and, as previously announced, will be stepping down from that role on December 31, 2024.
As for Mark Parker, he was named Chairman of the Board just two years ago, succeeding Susan E. Arnold, who was ineligible for re-election pursuant to the 15-year term limit under Disney’s Board Tenure Policy. You might also recognize Parker’s name from the Battle of the Bobs/Bob Swap drama, as he was floated as an interim Disney CEO when the board first realized it had made a terrible mistake with Chapek and was preparing to oust him.
“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,” said Parker, who is Executive Chairman of NIKE, Inc.
“As I prepare to leave the Board to focus on other areas of my work, I am proud of Disney’s renewed position of strength and excited for the company’s future, and I want to thank my fellow directors, Bob Iger and his exemplary management team for their continued strong leadership and dedication.”
It’s unclear what “focus on other areas of my work” really means, but our guess is that this isn’t code, like “stepping down to spend more time with my family.” Nike just named a new CEO and has been struggling to keep ahead of its nascent competitors, among other things, so perhaps Parker is needed there.
“The Disney Board has benefited tremendously from James Gorman’s expertise and guidance, and we are lucky to have him as our next Chairman – particularly as the Board continues to move forward with the succession process,” Iger said. “I’m extremely grateful to Mark Parker for his many years of Board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO.”
“I am honored and humbled to have the opportunity to serve as Disney’s Chairman at this important moment in the company’s history,” Gorman said. “In the short time I have had the opportunity to work with Mark, I have come to appreciate and deeply respect his authentic leadership, humility and intelligence. I know all Directors join me in saying we have been honored to serve with him as the Chairman of the Board.”
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026,” Gorman said.
Bob Iger’s successor being announced in early 2026 is really the big news of the announcement–hence it being the headline and not Gorman taking over the role. Bob Iger’s contract was extended last summer through the end of 2026, with succession planning being an emphasis. More recently, there have been reports that Disney’s next CEO will be named in late 2025. This doesn’t necessarily reflect a delay–we’d expect the person to be named internally (and that subsequently leak to media) before there’s an official public-facing announcement.
As noted above, Gorman is Executive Chairman of Morgan Stanley and will be ceding this role in December 2024. Previously, Gorman served as Morgan Stanley’s Chief Executive Officer from 2010 to 2023 and Chairman from 2012 to 2023. He joined the firm in 2006 and was named Co-President in 2007.
Before joining Morgan Stanley, Gorman held executive positions at Merrill Lynch and was a senior partner at McKinsey & Co. He serves as a Director of the Council on Foreign Relations and is a member of the Business Council. He formerly served as a Director of the Federal Reserve Bank of New York and President of the Federal Advisory Council to the U.S. Federal Reserve Board. Gorman has been a Director of the Company since 2024.
I don’t want to make a snap judgment on someone I don’t know anything about, but Gorman’s credentials don’t exactly instill confidence. Sure, he is well-credentialed and very impressive on paper. Certainly more accomplished than “amateur-grade Disney blogger.” But those very impressive positions don’t exactly translate to choosing a new leader for the world’s foremost creative company.
I mean, c’mon, McKinsey is essentially the antithesis of that. No offense to McKinsey consultants reading this. (Let me guess–I could improve this blog by laying off 40% of the staff? Not sure how that would work with 60% of a Tom, but probably couldn’t get any worse!) I also really liked Mark Parker, who seemed like a great fit to lead the search.
In the interest of fairness, Morgan Stanley did praise Gorman’s “exemplary execution of CEO succession planning.” And once again, I know absolutely nothing about the man. He’s undoubtedly extremely intelligent, and perhaps he “gets” Disney and what will make a good CEO for the unique company. Whenever it comes to this type of thing, I just worry that outsiders won’t take Parks & Resorts seriously, instead viewing them as frivolity for children or an asset to be squeezed.
Iger’s four direct reports are widely rumored to be the candidates who are being seriously considered as his successor. This includes ESPN Chairman Jimmy Pitaro, Disney Experiences Chairman Josh D’Amaro, as well as Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman.
Reports indicate that all have already begun the interview process with the succession planning committee, and that D’Amaro and Walden are the front-runners. I don’t know how seriously those reports should be taken. I know absolutely nothing and I would’ve guessed that D’Amaro and Walden would be front-runners simply by virtue of their positions, public appearances, and other variables.
Prior to this, Iger extended his tenure as CEO after planning to retire on four different occasions between 2013 and 2017. He then retired without warning, and subsequently returned by surprise. Well, surprise isn’t really the right word. Countless commentators predicted his return, including this blog.
If anything, this news is more surprising than anything in the past, because it reflects how succession planning for a company like Disney should be done. It appears to be methodical and thorough, which is already a sharp contrast to how the naming of Chapek went, if recent reports are to be believed. (And there’s no reason not to believe them given they pretty well track what played out in public view.)
My feelings on this are a bit complicated. I’ve mostly covered this elsewhere, so I’m not going to fixate on it here. To make a long story (mostly) short, I think that Bob Iger has been around too long and that Disney needs fresh blood. The whole Batman ‘you either die a hero or live long enough to see yourself become the villain’ kinda deal, but less extreme. He did a great job up until the Fox acquisition, with unforced errors since, including his own succession planning (or lack thereof).
With that said, the Walt Disney Company is at an inflection point and there’s tremendous turmoil in the legacy media space. It’s a unique and complex corporation and there’s no one better than Bob Iger to fix and problems (even those he created indirectly by appointing Chapek). I suspect it’ll take until 2025 for Disney to emerge from the storm.
The runway through 2026 provides Iger the chance to cement his legacy; it also gives his successor enough runway for a clean break, and not having to be tarnished by the tough decisions that’ll be made now and in the next 18 months. It seems win-win to me.
Most critically for me–and this is a new development–Bob Iger sticking around through 2026 and his successor not being named until the beginning of that year gives Parks Chairman Josh D’Amaro plenty of time to get “shovels in the ground” and meaningful progress made on everything announced at D23.
While I’m heartened by D’Amaro’s announcements at the D23 Expo and the emphasis on these projects already being in motion and opening within the next 5 years, I’m not completely convinced that’s true. There’s more certainty about these projects than what was announced (and subsequently cancelled) in 2019 or the non-announcements in 2022, but that still doesn’t make them 100%.
As we’ve discussed elsewhere, all it takes is a regime change to derail projects that aren’t sufficiently far along in construction. New leaders love to make their mark on theme park projects, in ways both good and bad. So let’s say that, for example, Villains Land in Magic Kingdom or Pandora in Disney California Adventure are only cleared parcels of land in late 2026.
Let’s further assume, for the sake of this hypothetical, that Dana Walden gets the nod as CEO. There’s nothing to then say that she loves Avatar as much as Iger or thinks villains are a good fit for Magic Kingdom. Those projects could get shelved or cancelled entirely. I’m not saying they will–just that the odds increase in such a scenario of any projects that aren’t already vertical.
There’s little to no risk of this if D’Amaro is named CEO, as that would essentially be continuity with the current Parks & Resorts regime. There may be little things over which he and Iger disagreed, but I cannot see him cancelling an entire land or altering the course of a project entirely. (Before any of you get excited about the positive flip side of this, the Rivers of America and whatever Monstropolis replaces are long gone before late 2026. A new CEO isn’t going to “save” anything–just delay development of empty land.)
Ultimately, this is also why I’d like to have someone from Parks & Resorts serve as CEO of the Walt Disney Company. Right now, that would be Josh D’Amaro. Honestly, I’m becoming less and less bullish than I have been on D’Amaro since he came aboard Disney, largely because I don’t think his track record on completed projects is anything to write home about. He doesn’t really have a lot of positive projects that he can own as his own–the successes were all inherited from Chapek’s time as head of Parks & Resorts.
Nevertheless, I’d rather have D’Amaro over the alternatives for the simple reason that he’s a “Parks Guy.” Not only that, but I’d like to believe that his hands have been tied by the streaming woes and everything else, so treading water for a few years was the best case scenario. But it’s hard to look at the end result of the World Celebration at EPCOT overhaul and still draw that conclusion.
On a positive note, we’ve heard plenty about D’Amaro from past colleagues and Cast Members–and still want to give him the benefit of the doubt based on that. People who have worked with him–and not just frontline Cast Members who have superficial encounters–suggest that he’s the real deal. That D’Amaro is someone who truly “gets” Walt Disney World and Disneyland, cares about Cast Members and the guest experience, and would advocate for theme parks.
The bottom line is that I want to see someone–anyone–come from the Parks & Resorts side of the business. I want that to be the company’s focus. That’s my personal bias. It would be nice to have a CEO who came up through the parks and understands their importance to the company’s creative legacy–and not just as the goose(s) that lay golden eggs. Whether that’s Josh D’Amaro, the triumphant return of Tom Staggs, or some mystery third candidate–I’ll take them over anyone from ESPN or the studios.
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OUR THOUGHTS
What do you think about Disney naming Bob Iger’s successor as CEO in early 2026? Are you happy, disappointed, or indifferent towards the news? Recognize this as a ‘necessary’ move even if you’re not wild about it? Who do you think will be CEO of the Walt Disney Company on January 1, 2027? Will it be Bob Iger (still), Tom Staggs, Kevin Mayer, Josh D’Amaro, Dana Walden, Jimmy Pitaro, Alan Bergman, or none of the above? Who should it be? Thoughts on anything else discussed here? Are you optimistic or pessimistic about the Walt Disney Company’s future? Think things will get better in 2025? Do you agree or disagree with our assessment? Any questions we can help you answer? Hearing your feedback–even when you disagree with us–is both interesting to us and helpful to other readers, so please share your thoughts below in the comments!
