Disney Announces Fourth Board Chair in Three Years: Mark Parker Steps Down, James Gorman to Take Over in 2025

James Gorman to Take Over in 2025

Disney is poised to have its fourth board chair in just over three years, with current Chairman Mark Parker set to step down at the end of the year. Morgan Stanley CEO James Gorman will succeed Parker in 2025. Gorman expressed his gratitude for the opportunity, stating he is honored to take on this role during a pivotal time for the company.

Parker has been a board member for nine years and took on the chairmanship last year, replacing Susan Arnold, who held the position for just over a year. Gorman will have significant responsibilities ahead, particularly the critical task of finding a successor to Bob Iger as CEO. The company has announced that a replacement will be named in early 2026, adding to the urgency of the search.

Gorman's experience is expected to guide Disney through various challenges facing the media industry, including declining movie attendance and the evolving landscape of streaming services.

As the chair of Disney’s succession planning committee, Gorman is already involved in the CEO search, a process made complex by the current state of the entertainment market.

Additionally, Disney's latest earnings report indicated a drop in spending at its U.S. parks, which the company attributed to economic uncertainties. Despite these challenges, Parker expressed confidence in Gorman's leadership, highlighting his invaluable role on the board and his expertise in navigating the extensive search for a new CEO.

Disney Announces Fourth Board Chair in Three Years: Mark Parker Steps Down, James Gorman to Take Over in 2025