Following the resignation of Mark G. Parker, who has spent nine years on Disney's Board, James P. Gorman will take over as Chairman of the Board on Jan. 2, 2025, the Walt Disney Company (DIS, Financials) announced. Currently Executive Chairman of Morgan Stanley (MS, Financials), Gorman will take up the new post after his Dec. 31 resignation from Morgan Stanley.

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With the Board anticipated to choose a replacement in early 2026, Gorman, who leads Disney's Succession Planning Committee, will monitor the hunt for the company's next chief executive officer. Gorman says this chronology will enable "ample time for a successful transition before the conclusion of Bob Iger's contract in December 2026."

Nike's Executive Chairman, Parker, voiced faith in Gorman's capacity to run the business. James Gorman is an esteemed leader who has become an invaluable voice on the Disney Board since joining earlier this year, and I am extremely pleased that he has agreed to assume the role of Chairman upon my departure, Parker said. I am proud of Disney's renewed position of strength and excited for the company's future.

Gorman said he was "honored and humbled" to step into the role at this critical time for Disney. "A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026. This timing reflects the progress the Succession Planning Committee and the Board are making," Gorman added.

Directors Mary T. Barra and Calvin R. McDonald comprise the Board's Succession Planning Committee, led by Gorman. Parker will be a member until his leaving. Six times in fiscal 2024 the group convened to examine internal and foreign CEO candidates and go over succession plans.

This article first appeared on GuruFocus.