11:24 AM EDT, 10/21/2024 (MT Newswires) -- Walt Disney ( DIS ) said Monday it appointed current Morgan Stanley ( MS ) Executive Chairman James Gorman as its board chair, and that it will announce Chief Executive Bob Iger's replacement early in 2026.

As previously announced, Gorman is set to step down from his role at Morgan Stanley ( MS ) on Dec. 31. He already chairs the Disney ( DIS ) board's succession planning committee tasked with identifying Iger's successor.

Current Disney ( DIS ) Chairman Mark Parker, who is also the executive chairman of Nike ( NKE ) , will depart the Disney ( DIS ) board on Jan. 2, which is when Gorman's latest appointment will become effective. Parker will remain a member of Disney's ( DIS ) succession planning committee until his departure.

"As I prepare to leave the board to focus on other areas of my work, I am proud of Disney's ( DIS ) renewed position of strength and excited for the company's future," Parker said. "James is expertly guiding the extensive search process for a new CEO, which remains a top priority for the board."

The succession planning committee and Disney's ( DIS ) board are reviewing internal and external candidates for the CEO role, the media and entertainment giant said.

"A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026," Gorman said. "This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger's contract in December 2026."

The company's fiscal fourth-quarter results are scheduled to be released in November. Disney ( DIS ) missed revenue expectations in the first two quarters of fiscal 2024 but reported higher-than-expected revenue for the third quarter in August while raising its full-year earnings growth outlook.

For the fourth quarter, analysts surveyed by Capital IQ are modeling revenue of $22.48 billion.

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