Disney has named former boss of Morgan Stanley James Gorman as its new chairman - set to begin his duties early next year.
He will succeed Mark Parker, who has spent nine years on Disney's board.
Gorman previously served as Morgan Stanley's CEO from 2010 to 2023 and chairman from 2012 to 2023.
Disney also outlined on Monday a formal timeline for replacing long-serving CEO Bob Iger.
Although Iger had originally planned to retire by 2015, he prolonged his stay until 2020.
In 2022, after a series of blunders and financial disappointments at Disney, Iger returned - replacing successor Bob Chapek.
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Iger's current contract ends in December 2026, although Gorman noted on Monday that there will be "ample time for a successful transition".
Disney added in the same statement that finding a replacement for Iger was "a top priority for the board".
The media giant is continuing to review internal and external candidates for the position.
New chairman Gorman has previous succession planning experience, as he oversaw the appointment of a new CEO - Ted Pick - 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," said Iger.
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