Disney Announces Major Executive Changes, Including When CEO Bob Iger Is Leaving. Here's What We Know. Morgan Stanley's former CEO James Gorman has been named the new Chairman of the Board.

The Walt Disney Company Board of Directors named James Gorman, the former CEO of Morgan Stanley, as Chairman of the Board, the company announced in a statement on Monday. The change takes effect on January 2, 2025. Gorman is also chair of the Succession Planning Committee working to identify a candidate to replace Bob Iger as CEO.

In the announcement, Disney outlined a timeline for naming longtime CEO Bob Iger's replacement. Iger will leave his position as CEO when his contract ends in late 2026.

"A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026," Gorman said, in the statement. "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."

Related: Bob Iger Returns as Disney CEO and Bob Chapek Steps Down, Effective Immediately

Iger's successor was originally expected to be named in 2025, CNBC reported last year.

Gorman is succeeding Nike Executive Chairman Mark Parker as chairman of the Board.

^{James Gorman, chairman of Morgan Stanley, during a Bloomberg Television interview in New York, US, on Wednesday, Jan. 3, 2024. Yuki Iwamura/Bloomberg via Getty Images}

"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."

CNBC reports that the four executives who report directly to Iger have recently interviewed with the succession planning committee. This includes Disney Experiences Chairman Josh D'Amaro, Disney Entertainment Co-Chairmen Dana Walden and Alan Bergman, and ESPN Chairman Jimmy Pitaro.

Related: Who Is Bob Iger, the Two-Peat Disney CEO Who Rules the Magic Kingdom