The Walt Disney Co. is tapping Morgan Stanley executive James Gorman to serve as its next chairman, beginning early next year. The entertainment giant also announced that it anticipates naming its new CEO in early 2026.

Gorman will become chairman on Jan. 2, 2025. He will succeed Mark Parker, who is leaving after serving on Disney’s board for nine years.

Gorman is currently chair of Disney’s succession planning committee. He serves as executive chairman at Morgan Stanley, but will be stepping down from that post at the end of the year. Gorman previously served as Morgan Stanley’s CEO from 2010 to 2023 and chairman from 2012 to 2023.

Gorman has previous succession planning experience, as he oversaw the process at Morgan Stanley.

“The Disney board has benefited tremendously from James Gorman’s expertise and guidance, and we are lucky to have him as our next chairman – particularly as the board continues to move forward with the succession process,” Disney CEO Bob Iger said in a statement on Monday.

Iger came back to Disney in 2022 after a period of clashes, missteps and a weakening financial performance at the company under his chosen successor, Bob Chapek.

Iger was Disney’s public face for 15 years, compiling a string of victories lauded in the entertainment industry and by Disney fans, before he retired in 2020.

Gorman said in a statement that by naming Disney’s next CEO in 2026, it “will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026.”

Disney is continuing to review internal and external candidates for the CEO position.

Shares of the company slipped 32 cents to $96.97 in morning trading.