Aussie executive named new chairman of The Walt Disney Company

October 23, 2024 9:08

The executive chairman of global investment bank, Morgan Stanley, has been named as the new chairman of The Walt Disney Company board of directors.

In a statement this week, the media and entertainment giant announced James P. Gorman will take on the role of chairman from January 2, 2025.

The Melbourne-born executive will take over from Mark G. Parker who will depart after nine years of service. Gorman will take on the Disney chairman position after stepping down from Morgan Stanley, effective December 31.

Gorman currently serves as chair of the Disney board’s succession planning committee which is on the hunt for the new CEO of The Walt Disney Company.

“I am honored and humbled to have the opportunity to serve as Disney’s chairman at this important moment in the company’s history,” Gorman said.

“In the short time I have had the opportunity to work with Mark, I have come to appreciate and deeply respect his authentic leadership, humility and intelligence. I know all directors join me in saying we have been honored to serve with him as the chairman of the board.

“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. 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.”

After joining Morgan Stanley in 2006, Gorman was quickly named co-president in 2007, before taking on the CEO position from 2010 to 2023.

He has previously held positions at Merrill Lynch and was a senior partner at McKinsey & Co.

He currently serves as a director of the council on foreign relations and is a member of the Business Council. He is a former director of the Federal Reserve Bank of New York and President of the Federal Advisory Council to the US Federal Reserve Board.

Gorman has been a director of the company since 2024.