Disney picks Morgan Stanley executive chairman to lead CEO search

Disney (DIS) The board of directors on Wednesday named James Gorman chairman of its succession planning committee as the search for the next leader of the house of mice heats up.

The current Disney (DIS) CEO Bob Iger is stepping down from his role — for the second time — in 2026.

Gorman, of Morgan Stanley (MISS) executive chairman, joined the Disney board earlier this year. He also oversaw a recent succession process at the investment bank.

“James is a highly respected leader and we have asked him to serve as the new Chair of the Succession Planning Committee given his deep experience in succession planning and his long-term strategic mindset,” said Mark Parker, Chairman of the Board of Disney, in a press release.

Directors Mary Barra and Calvin McDonald are to remain on the committee. Parker previously served as the committee’s leader.

“I look forward to working alongside Mark and my other fellow committee members to advise the Board as we continue to move rapidly forward with this work,” Gorman said.

Iger, who has been with the media giant for four decades, served as its CEO from 2005 to 2020. He later became executive chairman before retiring in 2021. Iger returned to the company just a year later to serve a two-year term as CEO, which has since been extended. He is now expected to leave the company in 2026.

Disney said the committee is looking at both internal and external candidates.

In addition, internal candidates go through a training process that includes mentoring from Iger and external coaching.

The frontrunners for the role include Disney Entertainment co-chairs Dana Walden and Alan Bergman; Disney Experiences President Josh D’Amaro and ESPN President Jimmy Pitaro.

Iger’s succession had become a major sticking point in a proxy battle that The Wall Street Journal says could be the most expensive in history. Disney and Iger eventually prevailed against activist investor Nelson Peltz, who was seeking two seats on the company’s board.