“Time TV”
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Disney is about to have its fourth board chair in simply over three years, as the corporate continues to navigate ongoing tumult within the media trade.

Chairman Mark Parker will step down on the finish of the 12 months, the corporate introduced Monday. Morgan Stanley CEO James Gorman will change Parker beginning in 2025.

“I’m honored and humbled to have the chance to function Disney’s chairman at this necessary second within the firm’s historical past,” Gorman stated in an announcement.

Parker, a board member for 9 years, simply stepped into the chairmanship function final 12 months, changing Susan Arnold, who held the function for simply over a 12 months till her time period expired. Arnold had served on Disney’s board for a decade and a half.

Among the many choices Gorman can be tasked with: Changing Bob Iger as CEO. The corporate additionally introduced {that a} substitute for Iger can be named in early 2026. Iger returned as CEO final 12 months after a quick hiatus. Gorman stated Monday that selecting a brand new CEO is “vital,” and the announcement of the timing displays progress in Disney’s determination to exchange Iger.

Parker, when he was introduced, stated changing Iger could be amongst his high priorities. As an alternative, Parker and the board rapidly renewed Iger’s contract via 2026. Though Iger stated he wouldn’t keep longer than two years in his newest stint on the firm, the extension meant that he’ll function CEO in his second go-round at the least 4 years.

Gorman presently serves because the chair of Disney’s succession planning committee, which is accountable for the CEO search. However that has confirmed troublesome as Disney navigates uneven waters: The film trade is slipping as folks more and more stream exhibits and movies on-line, however Disney’s streaming enterprise solely only in the near past turned worthwhile. And linear tv is continuous to say no, and the way forward for ESPN, ABC, and different stations have weighed closely on Iger and Disney consequently.

In the meantime, Disney in its newest earnings report introduced considerably lackluster spending from guests to its US parks, which the corporate chalked as much as jitters concerning the financial system.

The corporate stated Gorman will show a beneficial chief to assist navigate Disney via all of it.

“James Gorman is an esteemed chief who has turn into a useful voice on the Disney board since becoming a member of earlier this 12 months, and I’m extraordinarily happy that he has agreed to imagine the function of chairman upon my departure,” stated Parker, in an announcement. “Drawing on his huge expertise, James is expertly guiding the in depth search course of for a brand new CEO, which stays a high precedence for the board.”