Disney is set to undergo significant leadership changes as it prepares to welcome a new board chair, marking its fourth such transition in just over three years. The announcement comes amid ongoing challenges within the media industry, prompting the company to seek fresh leadership to navigate these turbulent waters.
Mark Parker, the current chairman, will step down at the end of the year, with Morgan Stanley CEO James Gorman slated to take over the role starting in 2025. Gorman expressed his gratitude for the opportunity, stating, “I am honored and humbled to have the opportunity to serve as Disney’s chairman at this important moment in the company’s history.” His leadership is anticipated to steer the company through its current challenges.
Parker has been a board member for nine years and just assumed the chairmanship role last year, succeeding Susan Arnold, who held the position for a little over a year. Arnold herself had a long tenure on Disney’s board, serving for approximately 15 years.
One of Gorman’s most pressing responsibilities will be the search for a new CEO to replace Bob Iger. The company announced that a successor would be named in early 2026. Iger, who returned to the CEO position last year after a brief hiatus, had his contract renewed by Parker and the board through 2026. Despite Iger’s assurance that he would not extend his tenure beyond two years in this latest role, the contract extension means he will serve a minimum of four years in total during this second term.
Gorman currently chairs Disney’s succession planning committee, which is tasked with finding a suitable candidate for the CEO position. This search has proven challenging as Disney faces a rapidly changing media landscape, with traditional movie attendance declining as audiences shift towards streaming platforms. Although Disney’s streaming services have recently turned a profit, the broader context of declining linear television viewership, particularly concerning ESPN and ABC, is weighing heavily on the company’s leadership.
In its latest earnings report, Disney revealed that spending from visitors to its US parks has been somewhat disappointing, which the company attributes to economic uncertainties affecting consumer behavior. This situation further complicates the leadership transition as Disney seeks to bolster its operations across various segments.
Parker praised Gorman’s contributions to the board since he joined earlier this year, stating, “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.” His extensive experience in the financial sector is expected to be an asset as Disney navigates its future.
The upcoming changes at Disney are reflective of broader trends within the media landscape, where companies are increasingly challenged to adapt to new consumer preferences and technological advancements. As Gorman prepares to step into his new role, all eyes will be on how he and the board manage the transition and address the pressing issues facing the company.
Disney’s situation is emblematic of the larger shifts occurring within the entertainment industry, where traditional revenue streams are under pressure, and companies must innovate to remain competitive. The decisions made by Gorman and the new CEO will be critical in shaping the future trajectory of one of the world’s most iconic entertainment brands.
