(Reuters) -Walt Disney ( DIS ) said on Monday it would appoint a new chief executive officer in early 2026 and named James Gorman as its chairman.

Gorman, executive chairman of Morgan Stanley, would step down from that role at the end of 2024 and take on the position at Disney ( DIS ) in January.

He would succeed Mark Parker, who is leaving the media giant's board after nine years.

Gorman is currently the chair of Disney ( DIS ) board's succession planning committee, which is working to identify its next CEO.

Bob Iger returned to Disney ( DIS ) as CEO in November 2022, less than a year after he retired, to revamp the media company after the board ousted his hand-picked successor, Bob Chapek.

Iger had initially planned to stay for two years but agreed to extend his tenure through 2026.