Walt Disney has announced the appointment of James Gorman, the current Executive Chairman of Morgan Stanley, as its new board chair. This strategic move comes as the company prepares to announce the successor to Chief Executive Bob Iger in early 2026. As previously reported, Gorman will be leaving his role at Morgan Stanley as of December 31, 2023.
He currently leads the succession planning committee at Disney, which is actively engaged in the search for Iger's replacement. Chairman Mark Parker, who also serves as executive chairman of Nike, will leave the Disney board on January 2, 2024, coinciding with Gorman's official appointment. Parker stated, '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.' He commended Gorman for expertly guiding the extensive search process for the new CEO, emphasizing that this remains a top priority for the board.
The succession planning committee, alongside Disney's board, is currently evaluating both internal and external candidates for the coveted CEO role. Gorman expressed, 'A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026.' He noted that this schedule reflects the progress being made and will provide adequate time for a smooth transition prior to the conclusion of Bob Iger's contract in December 2026.
Looking ahead, Disney is set to release its fiscal fourth-quarter results in November. The company has faced challenges recently, missing revenue expectations in the first two quarters of fiscal 2024. However, it reported better-than-expected revenue for the third quarter in August while also upgrading its full-year earnings growth forecast.
For the upcoming fourth quarter, analysts surveyed by Capital IQ are projecting revenue of approximately $22.48 billion. Recent stock performance reflects a price of $96.86, with a change of -0.42, indicating a percent change of -0.44..