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.

"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.