Disney’s CEO Transition Timeline Announced
On Monday, Disney revealed its plans to appoint a new chief executive officer (C.E.O.) by “early 2026,” a timeline that has caught many in Hollywood by surprise, as it extends beyond initial expectations. This announcement coincides with a significant reshuffle within the company’s board.
James P. Gorman, a seasoned Wall Street banker who joined Disney’s board in February, is set to take on the role of chairman starting January 2, 2025. He will succeed Mark G. Parker, who has decided to step down after a two-year tenure as chairman and will exit the Disney board altogether.
In a statement, Mr. Gorman emphasized, “A critical priority before us is to appoint a new C.E.O., which we now expect to announce in early 2026.” He explained that this timeline is indicative of the progress being made by the succession planning committee and the board, which aims to ensure a smooth and effective transition.
Back in August, the Disney board entrusted Mr. Gorman with the task of finding a successor to Robert A. Iger, who is currently 73 years old. Mr. Iger returned from retirement in late 2022 to reassume leadership at Disney after the termination of Bob Chapek, who had been selected as his successor.
Mr. Iger has publicly committed to leaving the company once his contract concludes on December 31, 2026. However, this pledge has been met with skepticism from various stakeholders within and outside Disney. During his previous 15-year tenure as C.E.O., Mr. Iger postponed his retirement four times, suggesting a reluctance to step away from the role.
The Disney board, along with Mr. Iger, has faced criticism for its handling of the selection process for Mr. Chapek, who previously managed Disney’s theme parks. Notably, the board did not conduct interviews with Mr. Chapek prior to his appointment, and Mr. Iger soon became critical of him, which led to a power struggle during a tumultuous period marked by the pandemic and the industry’s transition to streaming services.
As a result of Mr. Chapek’s leadership, Disney has faced multiple shareholder lawsuits, reflecting the significant challenges the company encountered during his tenure.
