James Gorman, executive chairman of Morgan Stanley and board member of Walt Disney, is set to become chairman of the board of Walt Disney early next year according to the company. 

Gorman will succeed Mark Parker, who had been chairman of the board of Disney for nine years. Parker was the former executive chairman of Nike.

In August, Gorman had been tasked with leading the company's succession planning committee in finding a Disney CEO replacement.

He joined Disney’s board earlier this year. Chairman of ESPN Jimmy Pitaro, Disney Experiences Chairman Josh D'Amaro and co-chairmen of Disney Entertainment Dana Walden and Alan Bergman have all interviewed with the succession committee in recent weeks, according to CNBC. 

From 2010 to 2023, Gorman was CEO of Morgan Stanley. He transitioned to executive chairman, and will step down from that role in December 2024.

Iger’s return to the company in November 2022 after a tumultuous two-year reign by Bob Chapek (which started in February 2020) was viewed as a short term fix for the company. At that time, he was given a two-year contract at that time, which was then extended for another two years.

Chapek ran the company during a difficult time. COVID-19-related issues halted and then hampered business at its theme parks.

He presided over slow-moving and costly initial efforts to ramp up Disney’s much-needed transition to streaming/connected TV businesses. 

In September, Disney’s shares were down 40% compared to the previous year, when the company’s board met. This was assumed to be a key meeting for Chapek’s future.

Iger has been credited with revamping Disney overall -- giving back creative executives more control, making key business and staff reductions, and quickly fixing Disney’s streaming business towards a more profitable path.

Disney stock is up 9% since January 2023 and 16% over the last 12 months.

In mid-day Monday trading, Disney's stock price was at $96.36.