The Walt Disney Co. plans to name a successor to CEO Bob Eiger early next year, the entertainment giant's newly named chairman said Monday.

In a prepared statement, Disney said its board of directors had named James Gorman as its next chairman, replacing Mark Parker, who's leaving the board on Jan. 2, 2025.

Gorman, the outgoing executive chairman of Morgan Stanley, has been a Disney board member since February and is leading the efforts to choose Iger's successor.

"A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026," he said in the statement. "This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger's contract in December 2026."

Disney initially planned to name Iger's successor this year but delaying the decision will give the board more time to conduct due diligence on internal and external candidates, people familiar with the matter told CNBC.

Iger, 73, served as Disney's CEO for 15 years before retiring in 2020 after a string of successes that included the acquisitions of Pixar, Marvel, Lucasfilm and 21st Century Fox, as well as the opening of Disney's first theme park in China.

But his handpicked successor, Bob Chapek, was ousted in 2022 and Iger returned to the top job with a two-year contract that was extended in 2023.

Iger's total compensation last year was $31.6 million, including a base salary of $865,385, stock awards totaling $16.1 million, $10 million in stock option awards and a $2.1 million performance bonus, according to reports.

In 2019, Forbes estimated his net worth at $690 million.

Disney stock closed Monday at $96.62 a share, down 0.68%.