Mon Oct 21 12:40:00 UTC 2024: **Summary of the Article: Key Points**

1. **Leadership Change**: James Gorman, former CEO of Morgan Stanley, will become the chairman of The Walt Disney Co.’s board of directors in early 2024, succeeding Mark Parker, who will leave after nine years.

2. **CEO Succession Planning**: Gorman is now leading the succession planning committee responsible for finding a successor to current CEO Bob Iger. The goal is to announce the new CEO by early 2026, allowing a smooth transition before Iger’s contract ends in December 2026.

3. **Parker’s Departure**: Mark Parker will officially step down at the end of this year, with Gorman starting his role as chairman on January 2. Parker expressed pride in Disney’s recent performance and appreciation for the leadership team.

4. **Board Changes**: Gorman joined Disney’s board earlier this year, and since then has been noted for his insights. The board has faced challenges, including an activist proxy fight in the spring and a recent departure from Oracle CEO Safra Catz to avoid potential conflicts of interest.

5. **Support for Gorman**: Both Parker and Iger have voiced confidence in Gorman’s leadership capabilities during this transition period, emphasizing the board’s focus on securing a suitable new CEO.

6. **Future Outlook**: There is optimism surrounding Disney’s direction, especially given the ongoing developments for new leadership amid a shifting entertainment landscape.

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