Disney Board Appoints James P. Gorman as New Chairman
The Walt Disney Company (NYSE: DIS) has made a significant transition within its leadership, naming James P. Gorman as the new Chairman of the Board. His appointment will take effect on January 2, 2025. Gorman, who currently serves as Executive Chairman of Morgan Stanley, has been recognized for his extraordinary leadership at the company. This change comes as current Chairman Mark G. Parker steps down after nine years, paving the way for Gorman to take over.
Gorman's Role and Background
As an influential figure at Morgan Stanley, Gorman announced that he will transition out of that role on December 31, 2024, just before stepping into his new position at Disney. With a strong background, Gorman has been active as Chair of the Disney Board’s Succession Planning Committee, focusing on the search for a new CEO, which is a pressing priority for the Board.
Mark Parker shared his confidence in Gorman, stating, "James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year. His extensive experience will be instrumental in guiding the search for our new CEO, ensuring a seamless transition at this pivotal moment for the company." Parker, who is also the Executive Chairman of NIKE, Inc., expressed pride in Disney's renewed strength as they move forward.
Transitioning Leadership
In a show of gratitude, Bob Iger, also a distinguished member of the Board, praised Parker's contributions, highlighting the value of his leadership during his tenure. Iger noted, "We are fortunate to have Gorman as our next Chairman, especially as we navigate this crucial transition period. Mark Parker's commitment and service have profoundly impacted both our team and shareholders."
Plans for the Future
Gorman recognized the honor of stepping into this role during such a vital time. He expressed admiration for Parker's leadership qualities and stated, "We are committed to appointing a new CEO, with an announcement expected in early 2026. This timeline will ensure we have sufficient opportunity for a fruitful transition before Bob Iger's contract concludes in December 2026."
About the Succession Planning Committee
The Succession Planning Committee, led by Gorman, includes fellow board members Mary T. Barra and Calvin R. McDonald, alongside Parker until he officially departs. The committee's work involves thoughtful evaluations of potential successors and organizational frameworks. They have met consistently throughout the fiscal year to discuss and develop strategies for a successful leadership transition.
James P. Gorman's Accomplishments
James P. Gorman has built a robust career in finance, previously holding the position of CEO at Morgan Stanley from 2010 to 2023. His extensive experience includes senior roles at Merrill Lynch and McKinsey & Co. Gorman's leadership style and knowledge obtained over years of service position him to significantly benefit Disney. He became a Director of the Company earlier this year, already making a mark on its direction.
About The Walt Disney Company
As a leader in the entertainment industry, The Walt Disney Company operates several segments, including entertainment, sports, and various experiences appealing to a global audience. The company is also a constituent of the Dow Jones Industrial Average, reporting significant annual revenues, with $88.9 billion for Fiscal Year 2023. Disney continues to be a powerhouse in family entertainment, consistently evolving to meet the diverse needs of its audience.
Frequently Asked Questions
Who is the newly appointed Chairman of The Walt Disney Company?
James P. Gorman has been named the new Chairman, effective January 2, 2025.
What position did Gorman hold prior to becoming Chairman?
He is the Executive Chairman of Morgan Stanley and will step down from that role before his new appointment at Disney.
What is Gorman's role in Disney's leadership transition?
He chairs the Succession Planning Committee, focusing on the search for a new CEO.
When is Disney expected to announce its new CEO?
The announcement is anticipated in early 2026.
What is the revenue of The Walt Disney Company?
The Walt Disney Company reported annual revenue of $88.9 billion for Fiscal Year 2023.
