Major shakeup at Disney: Board chair is out. New CEO is coming soon | Money [Video]

(CNN) — Disney is about to have its fourth board chair in just over three years, as the company continues to navigate ongoing tumult in the media industry.

Chairman Mark Parker will step down at the end of the year, the company announced Monday. Morgan Stanley CEO James Gorman will replace Parker starting in 2025.

“I am honored and humbled to have the opportunity to serve as Disney’s chairman at this important moment in the company’s history,” Gorman said in a statement.

Parker, a board member for nine years, just stepped into the chairmanship role last year, replacing Susan Arnold, who held the role for just over a year until her term expired. Arnold had served on Disney’s board for a decade and a half.

Among the decisions Gorman will be tasked with: Replacing Bob Iger as CEO. The company also announced that a replacement for Iger will be named in early …