Disney said it will announce its next CEO in early 2026 and appointed ex-Morgan Stanley CEO James Gorman as its new board chairman. It saves them a 30 percent cut for Apple.

Iger returned to Disney as CEO in November 2022 when the board ousted his successor, Bob Chapek, after the company's profit and stock price suffered during his tenure. The initial plan was for Iger to stay two years, but in 2023 his contract was extended for another two years.

Gorman wanted a challenging board role after nailing succession at Morgan Stanley. He’s getting one at Disney.

Walt Disney named Morgan Stanley veteran James Gorman as chair on Monday and said it would announce a replacement for CEO Bob Iger in early 2026, announcing for the first time a timetable for succession at the storied media and entertainment company.

The Walt Disney Company is making changes, starting with a new board chairman at the beginning of the year and a new CEO following that, the company said.