Disney has tapped James Gorman to replace Mark Parker as the company’s next chairman, effective in January, as the media giant lays the groundwork to name a successor for CEO Bob Iger in early 2026, the company said Monday.

Disney’s succession plans have been up in the air for years now, particularly after CEO Bob Iger’s departure in 2020 and abrupt return two years later after a failed stint by his hand-picked replacement,

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.