This decision follows the planned exit of current chairman Mark Parker, who will leave after nine years of service.

Gorman, the executive chairman of Morgan Stanley, is also leading the committee tasked with identifying a successor for Disney CEO Bob Iger. The board expects to announce Iger's successor in early 2026, allowing for sufficient transition time before the conclusion of Iger’s contract in December 2026.

Mark Parker, who concurrently serves as the executive chairman of Nike, will end his tenure on the Disney board as Gorman steps in. Parker has praised Gorman as an invaluable leader, underscoring his instrumental role in the ongoing search for Disney's next CEO.

The issue of CEO succession has been a contentious point in Disney's recent history, particularly highlighted during a prolonged proxy fight initiated by activist investor Nelson Peltz. Peltz criticized the board for its handling of Bob Iger's initial successor, Bob Chapek, who was eventually ousted in November 2022. Peltz's campaign to secure board seats for himself and former Disney CFO Jay Rasulo ultimately failed, and he reportedly sold all his Disney shares earlier this year.

Aside from Gorman, the Disney board's succession planning committee includes members Mary Barra, Calvin McDonald, and Mark Parker until his departure. The committee has been actively meeting, with six sessions held during the fiscal year 2024 and regular discussions at board meetings.

Bob Iger expressed gratitude for Parker’s years of service and applauded Gorman's contributions and leadership within the board. Gorman, in turn, expressed his honor and humility in stepping into the chairman role, highlighting his respect for Parker's tenure and commitment to the company's future.

Having led a successful CEO succession process at Morgan Stanley, where he was the former CEO, Gorman brings significant experience to Disney. Before his time at Morgan Stanley, Gorman held roles at Merrill Lynch and McKinsey & Co. He also holds various positions with organizations such as the Council on Foreign Relations and Columbia Business School, and has a history of involvement with the Federal Reserve and the Metropolitan Museum of Art.