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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.

Shares of Walt Disney Co. rose slightly before the opening bell Thursday.

On his return, Iger initially agreed to a two year contract in order to redirect Disney’s trajectory and help find a new chief executive. But in July 2023 Iger agreed to a two-year contract that will keep him at Disney through the end of 2026.

There have been some notable successes under Iger since his return, including the first profit for the Disney's streaming service. Yet Disney has struggled to bring stability back to its parks division. The company cautioned this month that it has seen some that includes six global theme parks, and that the trend may linger for the next few quarters.

Gorman, who joined Disney's board earlier this year, has previous succession planning experience, as he oversaw the process at Morgan Stanley. currently serves as Morgan Stanley's executive chairman after several years as its chairman and CEO.

“James is a highly respected leader, and we’ve asked him to serve as the new chair of the succession planning committee given his deep succession planning experience and long-term strategic mentality,� Disney Chairman Mark Parker, who most recently served as the committee’s chair, said in a statement.

Aside from Gorman and Parker, board members Mary Barra and Calvin McDonald will continue to serve on the succession planning committee.

Disney, which formed the succession planning committee in January 2023, said that the committee has met six times so far in fiscal 2024. The committee, along with the company's board, are considering internal and external candidates. Disney said that internal candidates are going through a preparation process that includes mentorship from Iger, external coaching, and engagement with all board members.