James Gorman became the new chairman of Disney, replacing Mark Parker.

Walt Disney Co. is changing its board of directors: Former Morgan Stanley CEO James Gorman will become chairman of the board early next year.

Gorman will succeed Nike executive chairman Mark Parker, who will leave the board after nine years.

In August, Gorman chaired Disney’s succession planning committee tasked with finding a successor to CEO Bob Iger, and in a statement released Monday, the executive said finding the next CEO is a “critical priority” with Disney now targeting early 2026. , giving the man plenty of time to learn from Iger before his contract expires at the end of that year.

“Our highest priority is the appointment of a new CEO, which we now expect to announce in early 2026. These timelines reflect the progress made by the Succession Planning Committee and the Board of Directors and will provide sufficient time for a successful transition before completion. Bob Iger’s contract in December 2026,” Gorman said.

Parker will officially leave his position at the end of this year, and Gorman will officially take office on January 2. Parker informed the board of his decision to resign on Friday, according to SEC filings.

“James Gorman is a respected leader who has become an invaluable voice on the Disney Board of Directors since joining earlier this year, and I am extremely pleased that he has agreed to assume the role of Chairman following my departure. Drawing on his extensive experience, James skillfully leads the extensive search process for a new CEO, which remains a top priority for the Board of Directors,” Parker said in a statement. “As I prepare to leave the board to focus on other areas of my work, I am proud of Disney’s renewed position and excited about the company’s future, and want to thank my fellow directors, Bob Iger, and his exemplary management team for their continued strong leadership and dedication.”

“The Disney Board has benefited greatly from James Gorman’s experience and leadership, and we are fortunate to have him as our next Chairman—especially as the Board continues to move forward with the succession process,” Iger added. “I am extremely grateful to Mark Parker for his many years of service on the Board and leadership, which has been so valuable to this company and its shareholders, as well as to me as CEO.”

Parker is leaving after a tumultuous year for the Disney board. In the spring, the company faced a proxy fight led by Nelson Peltz. Disney was ultimately successful, but it cost the board resources and time.

And over the summer, Oracle CEO Safra Katz resigned from the board, hoping to avoid a potential conflict of interest when her lieutenant, Oracle founder Larry Ellison, takes over Paramount next year.