Behind the glitz of red carpet movie premieres and thrilling new amusement park rides, Disney is quietly searching for a successor to Bob Iger, the iconic face of the company for nearly two decades. Disney’s recent CEO search almost ended in disaster. Just two years after stepping down, Iger returned to the company in 2022 following a period of conflict, poor decisions, and declining financial performance under his chosen successor, Bob Chapek.
The challenge now is finding a leader to replace a CEO considered by many to be the gold standard. Iger was instrumental in strengthening Disney’s brand through key acquisitions, including Pixar, Marvel, and Lucasfilm. He also expanded the company’s presence in China and India and placed a strong emphasis on technology, improving both the quality and accessibility of Disney’s products. Throughout, Iger has remained approachable, media-savvy, and adept at managing a company that operates on a scale like no other.
Disney oversees a diverse range of operations, including theme parks, movie studios, and streaming services. These divisions often have conflicting priorities, each competing for the attention of the company’s CEO.
As Disney prepares for its annual shareholders meeting on Thursday, the question of who will succeed Bob Iger remains a key concern for investors. In 2023, Disney formed a succession planning committee, and the search for Iger’s successor gained momentum last year with Morgan Stanley Executive Chairman James Gorman leading the effort. Gorman shared in a January letter to shareholders that the committee has made “strong progress” and emphasized the board’s commitment to finding the right leader for the company, ensuring a smooth leadership transition for continued success.
Disney has the advantage of time, as Iger, after initially signing a two-year contract to stabilize the company following a challenging period under his chosen successor, agreed to a contract extension that will keep him at Disney until the end of 2026. Disney has declined to comment on its succession planning efforts, but the search for a new CEO is extensive, with the company considering both internal and external candidates. Internal candidates are being mentored by Bob Iger, working closely with Disney’s 15 board members (including Iger) and receiving coaching from outside experts.
Among the internal candidates believed to be in the running are Jimmy Pitaro, chairman of Disney-owned ESPN; Josh D’Amaro, chairperson of Walt Disney Parks and Resorts; Alan Bergman, co-chairman of Disney Entertainment; and Dana Walden, co-chairwoman of Disney Entertainment. These potential successors are becoming more visible, especially as Iger has stepped back from public appearances. Walden, for example, recently spoke at the Morgan Stanley Technology, Media & Telecom Conference, discussing various aspects of Disney’s business. She emphasized, “Disney is a great technology company and a great storytelling company,” highlighting the company’s progress in integrating technology to deliver its stories. Bergman and D’Amaro recently attended the South by Southwest festival to talk about collaborative efforts at Disney, further highlighting their visibility within the company.
Given Disney’s complex and unique nature, many believe that the next CEO will likely come from within the company. Jason Schloetzer, an associate professor at Georgetown McDonough School of Business, explains that internal candidates make sense when a company doesn’t require a major overhaul and when there is a deep pool of potential leaders. Henning Piezunka, an associate professor of management at Wharton Business School, agrees, pointing out the challenges and advantages of Disney’s unique position. “It’s harder for an external CEO to step in and lead right away because there’s no direct equivalent to Disney. For companies like Ford and GM, it’s easier to recruit from the competition,” he said.
The question remains: Is there anyone within Disney capable of managing the company’s diverse portfolio, which includes parks, films, and streaming, with the same skill as Bob Iger? Schloetzer noted that Dana Walden’s background in television and streaming makes her a strong candidate for the CEO role, even though she lacks experience with Disney’s theme parks. On the other hand, Josh D’Amaro brings nearly 30 years of experience with Disney, including extensive knowledge of the theme park division, which makes him a strong contender for the position as well.
According to Schloetzer, the decision will likely come down to which candidate the board feels most comfortable working with, as well as who can inspire the next generation of leaders to drive the company forward. Recently, Disney has seen a surge in energy, with its first-quarter performance boosted by the success of “Moana 2” at the box office and subscriber growth at Disney+ and Hulu.
