The Walt Disney Company said it plans to select a successor to CEO Bob Iger by early 2026 and named former Morgan Stanley CEO James Gorman as its next chairman.

Disney said finding a CEO to replace Iger was a “top priority” for Gorman, who joined the board earlier this year and currently leads its succession committee. A statement Monday said Gorman would succeed Mark Parker, a former Nike CEO, as chairman on Jan. 2.

The Mouse House's original goal was for Disney to select a successor for Iger sometime in 2025. However, the company reportedly decided to postpone the date to fulfill its due diligence in vetting candidates.

Gorman, who received widespread praise for his handling of his own succession at Morgan Stanley, joined the Disney board less than a year ago and was named head of the succession planning committee in August. He will step down as chairman of Morgan Stanley on December 31.

Morgan Stanley experienced an orderly transition from Gorman to current boss Ted Pick. The company's shares have risen almost 30% since the beginning of the year.

“The Disney Board has benefited tremendously from James Gorman’s expertise and leadership, and we are fortunate to have him as our next chairman – especially as the board continues to advance the succession process,” Iger said in a statement.

Disney's history with succession planning for Iger has been messy at best. The longtime CEO reportedly nominated at least three possible executives to take over, only to extend his own contract. He finally contacted Bob Chapek in early 2020, just before the coronavirus pandemic began.

Chapek's tenure was marked by brutal infighting, reportedly largely due to Iger's undermining of him. He was fired by the Disney board in November 2022.

Parker, who is also chairman of apparel giant Nike, will step down after nine years on the board “to focus on other areas” of his work, Disney said in a statement.

He is expected to be more involved in matters related to Nike, which recently hired Elliott Hill to replace John Donahoe as CEO.

“I am extremely grateful to Mark Parker for his many years of service on the Board and his leadership, which have been so valuable to this company and its shareholders, and to me as CEO,” said Iger.