James Gorman wanted a challenging board role after nailing succession at Morgan Stanley. He’s getting one at Disney.

Iger returned to the top job in late 2022 for an initial period of two years after the ouster of his handpicked successor, Bob Chapek. The company has since extended its contract. In Iger’s first tenure, he and the board negotiated several extensions over 15 years.

Gorman, the former chief executive officer of Morgan Stanley who was appointed to head Disney's succession planning in August, will succeed Mark Parker as chairman. Parker is departing the board on Jan. 2 after nine years of service, Disney said in a statement on Monday.