Oct 21 (Reuters) - Walt Disney ( DIS ) on Monday named

Morgan Stanley ( MS ) veteran James Gorman as chairman and said

it would announce a new CEO to replace Bob Iger in early 2026,

setting the stage for succession at the storied media and

entertainment company.

Gorman will step down as executive chairman of Morgan

Stanley ( MS ) at the end 2024 and take on the position at Disney ( DIS ) in

January.

Gorman, who stepped down as CEO of the Wall Street bank

earlier this year, spent 14 years at the helm of Morgan Stanley ( MS )

and is credited with transforming the bank into a wealth

management powerhouse.

He also orchestrated a succession plan in which Ted Pick

took the reins at the same time as retaining the two other CEO

candidates, executives Andy Saperstein and Dan Simkowitz, a

rarity on Wall Street.

That experience will come in handy at Disney ( DIS ), where Gorman

is already since August been heading the committee looking for a

successor to Iger, who returned as the company's CEO in 2022 to

replace his hand-picked successor Bob Chapek.

Iger, credited with building out Disney's ( DIS ) media empire

including through the high-profile acquisitions of Pixar, Marvel

and Star Wars, has seen his retirement date extend five times.

He had initially planned to stay for two years after coming

out of retirement but agreed to extend his tenure through 2026.

His contract concludes in December 2026.

Gorman will succeed Mark Parker, who is leaving the Disney

Board after nine years. Parker, who also serves as executive

chairman of struggling sports retailer Nike, said he

plans "to focus on other areas of my work."

"Drawing on his vast experience, James is expertly guiding

the extensive search process for a new CEO, which remains a top

priority for the board," Parker said in a statement.

Disney ( DIS ) said its board discussed succession planning at each

of its regularly scheduled meetings in fiscal 2024 and continues

to review internal candidates and external candidates.