Walt Disney on Monday named Morgan Stanley veteran James Gorman as chairman and said it would announce a new CEO to replace Bob Iger in early 2026, setting the stage for succession at the storied media and entertainment company.

Gorman will step down as executive chairman of Morgan Stanley at the end 2024 and take on the position at Disney in January.

Gorman, who stepped down as CEO of the Wall Street bank earlier this year, spent 14 years at the helm of Morgan Stanley and is credited with transforming the bank into a wealth management powerhouse.

He also orchestrated a succession plan in which Ted Pick took the reins at the same time as retaining the two other CEO candidates, executives Andy Saperstein and Dan Simkowitz, a rarity on Wall Street.

That experience will come in handy at Disney, where Gorman is already since August been heading the committee looking for a successor to Iger, who returned as the company's CEO in 2022 to replace his hand-picked successor Bob Chapek.

Iger, credited with building out Disney's media empire including through the high-profile acquisitions of Pixar, Marvel and Star Wars, has seen his retirement date extend five times.

He had initially planned to stay for two years after coming out of retirement but agreed to extend his tenure through 2026. His contract concludes in December 2026.

Gorman will succeed Mark Parker, who is leaving the Disney Board after nine years. Parker, who also serves as executive chairman of struggling sports retailer Nike, said he plans "to focus on other areas of my work."

"Drawing on his vast experience, James is expertly guiding the extensive search process for a new CEO, which remains a top priority for the board," Parker said in a statement.

Disney said its board discussed succession planning at each of its regularly scheduled meetings in fiscal 2024 and continues to review internal candidates and external candidates.

  - Reuters