The Walt Disney Co. (DIS) announced on Monday that its Board of Directors has named James P. Gorman as Chairman of the Board, effective January 2, 2025. Gorman will succeed Mark G. Parker, who is leaving on January 2 after nine years of service.
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Gorman joined the entertainment giant’s board less than a year ago and took over leadership of the succession planning committee in August. Gorman will maintain that role after becoming chairman.
Disney Continues Its Search for a Successor to Iger
Meanwhile, Disney’s search for a successor to its current CEO, Bob Iger, is still ongoing. Initially, Disney was targeting an announcement of a CEO successor by 2025, but the timeline has now been extended to early 2026.
According to a CNBC report, this extension will provide the board with more time to evaluate internal and external candidates. The succession process has been a challenge for Disney, especially after the abrupt firing of Iger’s previous successor, Bob Chapek, in November 2022, following a turbulent tenure of less than three years.
Iger, who has delayed his retirement five times, currently has a contract to serve as CEO through December 31, 2026. It is not certain whether he will extend his board tenure beyond that date.
Is Disney Stock a Buy or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on DIS stock based on 15 Buys and five Holds assigned in the past three months, as indicated by the graphic below. After a 16.66% rally in its share price over the past year, the average DIS price target of $112.13 per share implies 16.3% upside potential.
