Disney (DIS) is finally expected to name a successor for outgoing CEO Bob Iger.
Disney board member James P. Gorman set a deadline of early 2026 on Monday, when it was announced that he would become the media conglomerate’s chairman next January.
“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 a statement. “A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026.”
Gorman joined Disney’s board in February. He is stepping down from his role as executive chairman of Morgan Stanley’s (MS) board later this year.
In August, Gorman was tasked with the difficult job of leading the search committee for Disney’s next CEO — a job that didn’t go so well the first time, as Iger and his successor Bob Chapek’s relationship soured almost immediately due to differences in leadership style.
Iger, who has been with the media behemoth 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 — taking his role back from Chapek — which has since been extended. He is now expected to leave the company in 2026.
Here is all you need to know about the 66-year-old Wall Street banker responsible for finding the next leader of one the world’s largest entertainment brands.
Australian lawyer turned Wall Street banker
Gorman, now 66, was born sixth of 10 siblings in Melbourne, Australia. He studied law there and briefly practiced before moving to New York City to get his MBA at Columbia Business School. Following that, he joined McKinsey, where he would eventually become a senior partner.
After more than 10 years working in consulting, Gorman in 1999 joined the investment bank Merrill Lynch (BAC) — a client of McKinsey — as its chief marketing officer.
Leadership history
After serving several executive roles at Merrill Lynch, Gorman joined Morgan Stanley in 2005 and was named a co-president a year later. He became the firm’s CEO and served until 2023. He was also named chairman in 2012 and is set to step down this year.
Outside of the world of banking, Gorman has had leadership roles at various financial institutions. He was the director of the Federal Reserve Bank of New York and president of the Federal Advisory Council to the U.S. Federal Reserve Board.
Gorman currently serves as a director on the Council on Foreign Relations and the chair of the board of overseers at the Columbia Business School.
Oversaw his own succession
In an unusually public move, Gorman announced in May of 2023 and that he would be stepping down as CEO of Morgan Stanley within a year and that he would be pick his successor from among the bank’s three main division heads.
In a podcast, Gorman said he tested all three candidates by giving them different jobs such as running strategy or leading global technology. He would also take them to forums and scheduled TV appearances so they could see what the job was like.
Gorman eventually named Ted Pick as his successor and also gave the other two candidates, Andy Saperstein and Dan Simkowitz, expanded responsibilities. All three candidates were also given one-time bonuses of $20 million each.