Disney announces that Mark Parker, the current chairman of the board, will step down at the end of the year and will be replaced by Morgan Stanley CEO James Gorman in 2025. This marks the fourth chairman change in just over three years. Gorman, who joined the board earlier this year, will also lead the search for a replacement for CEO Bob Iger, whose successor will be announced in early 2026. Meanwhile, Disney is grappling with challenges in the film business and a recently profitable streaming service, while visitor spending at its U.S. parks has been disappointing.

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