Walt Disney has announced it plans to name a successor for CEO Bob Iger in early 2026.
This is the first time the company has established a formal timeline for Iger’s departure.
The announcement follows years of uncertainty surrounding Iger’s succession, an issue that has plagued the entertainment giant.
The decision to create a timetable signals progress for Disney, which has faced difficulties in leadership transitions in the past.
Iger shaped modern Disney through key acquisitions such as Pixar, Marvel, and Star Wars. He has had his retirement extended five times. Initially, he was set to stay for two years after returning to Disney in 2022.
Iger’s tenure has now been extended through to 2026. The search for his replacement will be spearheaded by the newly appointed Chairman of the Board, James Gorman.
James Gorman Named as Disney Board Chairman
James Gorman, a veteran from Morgan Stanley, will succeed Mark Parker as Disney’s board chairman, effective January 2, 2024.
Gorman has a successful track record at Morgan Stanley. He led the company as CEO for 14 years, significantly growing its wealth management business.
Gorman is expected to bring “rigor and transparency” to the CEO search process.
His experience in handling leadership transitions—like overseeing the seamless transition of leadership at Morgan Stanley—has made him a well-suited candidate to guide Disney through this pivotal time.
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Challenges in Finding Iger’s Successor
Succession planning has been a long-standing issue for Disney.
Activist investor Nelson Peltz previously criticized the company for its handling of the process, which led to Iger’s return after the board ousted his chosen successor, Bob Chapek, in 2022.
Despite these setbacks, Disney’s board has been actively reviewing internal and external candidates throughout fiscal 2024.
Potential CEO Candidates
Among the possible successors for Iger are several high-profile Disney executives.
Dana Walden, the Disney Entertainment co-chair, is one of the frontrunners, known for her creative successes and strong talent relationships.
Other contenders include:
- Josh D’Amaro, chairman of Disney Experiences, who oversees the company’s lucrative theme parks
- ESPN Chairman Jimmy Pitaro, who is guiding the sports network through a digital transition
- Alan Bergman, co-chair of Disney Entertainment, who has led Disney’s successful film studio division.
Moving Toward Stability
The announcement of a clear timetable for Iger’s departure offers investors and stakeholders reassurance that Disney is making progress in solidifying its leadership.
Gorman’s role as chairman, combined with the company’s ongoing search for Iger’s replacement, positions Disney for a smoother transition.
This will end years of uncertainty surrounding its top leadership.
Despite the slight dip in Disney’s stock following the announcement, after-hours trading showed signs of recovery, indicating market confidence in the company’s long-term plans.
Gorman’s leadership is expected to play a critical role in ensuring Disney remains on course to achieve its goals and deliver a successful leadership transition in 2026.
