The Walt Disney Company this morning announced its latest timeline for the replacement of CEO Bob Iger.
"Who will succeed Bob Iger?" has been the biggest ongoing mystery at Disney for years. After multiple heirs apparent left the company (remember Jay Rasulo? Tom Staggs?), Bob Chapek finally got board approval to take over for Iger... only to be removed and replaced by Iger less than two years later.
Iger's current contract as Disney chief executive runs through 2026, and Iger said when he returned that he did not plan on extending it. Today, in announcing the appointment of a new board chairman, Disney's board said that the company's succession committee is planning to select Iger's replacement in early 2026.
"This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026,” Morgan Stanley Executive Chairman James Gorman said. Gorman heads the Disney board's Succession Planning Committee and will be taking over as the new Chairman of Disney's board of directors effective January 2, 2025.
Gorman replaces Mark Parker, who has been Chairman of the Board since April 2023. He replaced Susan Arnold, who served as Board Chairman for a little over a year, replacing Iger, who held the job from 2012 to 2021.
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I used to think it would be Dana Walden. Now I am leaning towards Josh D'Amaro. I'm more concerned about what happens when all the losing candidates resign.
And, bingo. At this point, I suspect that just giving the job to the new Walt Disney Audio Animatronic at Disneyland might cause the least corporate turmoil.
@TH - It does seem like D'Amaro would be best positioned to lead the company as a whole given his success and rapid rise. However, I've always viewed a CEO as a fireman that has to be able to deal more with a firm's issues than ensure the strengths continue to carry it. At Disney, their TV/Movie/Streaming division is the one that needs the most help, and I would worry that a guy coming up through the Parks Division might not be equipped to fix the problems on the other side of the shop. I think it's optimistic from theme park fans to consider Disney's next CEO coming with the parks in their blood, but that's probably not the kind of person Disney needs right now to lead them into the next decade.
@RM: I am not so sure. There seems to be inherent challenges in content -- streaming and theatrical. Parks and experiences (including the cruiseline) are where the money is. Having a tenured hand from parks also make sense as the themed entertainment industry becomes more competitive -- with more and more players/attractions. Additionally, if the whole world goes south, selling off the studio and library sure seems like the parachute. Plus Josh comes with a degree of goodwill - think Mr. Iger's reconciliation with Pixar/Jobs.
I see where you're coming from TH, but while I could see The Walt Disney Company doing some reorganization and selling off some underperforming units, I would put the chances at near 0% that they would jettison their studio(s) and catalogue of valuable IPs (like an aging rock band). I completely agree that the money right now is in the Parks and Experiences division, but the constant supply of content from the Entertainment division is essential to allow the Parks and Experiences division to continue to connect with guests and evolve with the times. D'Amaro has ridden a wave of success within the Parks and Experiences division, but is he capable and/or best qualified to deal with the challenges facing the Entertainment (and Sports) divisions? Disney can continue to thrive in the short term through the continued success of Parks and Experiences (probably why the division is receiving billions for capital improvements), but at some point they will need to shore up the Entertainment and Sports divisions. The next CEO will most likely be responsible for determining the direction and fate of those divisions and their overall impact on The Walt Disney Company.
RM writes: "I completely agree that the money right now is in the Parks and Experiences division, but the constant supply of content from the Entertainment division is essential to allow the Parks and Experiences division to continue to connect with guests and evolve with the times ..."
Me: Oh I wouldn't imagine that they would ever sell their content without attaching strings. And every buyer would gladly agree to giving the themed entertainment/cruiseline operation exclusivity. Remember your Disney history. When Steve Jobs got pissed at Michael Eisner he said he was gonna shop Pixar's distribution agreement to other studios. He quickly discovered Disney was the only sensible option. I suspect any entity that bought Disney content would illustrate how history repeats.
Also (@RM) who would have the diverse qualifications to manage sports, entertainment and an international theme park operation? All while docking a cruise ship.
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Iger's never going to stop being CEO. Disney's going to make him do this till he's 90.