In July 2023, Disney extended Iger’s contract through the end of 2026, giving him two more years for an originally two-year gig

Disney said Monday it will name Bob Iger’s successor as chief executive in early 2026 as it tapped former Morgan Stanley CEO James Gorman as chairman of the entertainment giant.

Gorman, who exited as Morgan Stanley CEO in 2023, was named to the Disney board earlier this year and has been directing a succession planning committee to pick a replacement for the veteran Iger.

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“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” said Gorman, who will succeed former Nike CEO Mark Parker as chair when Parker steps down on Jan. 2.

“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 Dec. 2026,” Gorman said in a press release.

Iger, 73, rejoined Disney as CEO in Nov. 2022 after having previously served as CEO between 2005 and 2020. He briefly handed the reins to Bob Chapek before the latter was ousted.

In July 2023, the company extended Iger’s contract through the end of 2026, giving him two more years for an assignment that had originally been envisioned as a two-year gig.

In April, Disney leaders successfully beat back a proxy challenge from billionaire investor Nelson Peltz, who had blasted the Disney board over botched leadership planning.

Shares of Disney fell 1.2 percent in early afternoon trading.

© Agence France-Presse