Behind the Scenes of the Search for Bob Iger's Successor: The Ultimate Choice Disney Faces

As Bob Iger’s chairman and CEO contract approaches its expiration at the end of 2025, Disney’s board is preparing for a highly significant leadership decision. In an entertainment industry that is rapidly evolving, the importance of this decision is unprecedented.

Bob Iger’s Departure and Disney’s Crossroads

The selection of Bob Iger’s successor in the past caused considerable turmoil. Although Iger announced his departure at the end of 2021, the governance under his successor, Bob Chapek, collapsed after just about a year. The board then decided to bring Iger back, resulting in an unexpected four-year return.

During this chaos, internal divisions, power struggles, and talent departures surged within Disney. The three major shifts—Iger’s departure, Chapek’s takeover, and Iger’s return—exposed the company’s leadership vulnerabilities.

This time, failure is not an option. The process for choosing Iger’s successor is being conducted more systematically and transparently, learning from past lessons.

Three Challenges Before the New CEO

Disney’s expectations for its next leader are extremely high. First, the new CEO must adapt to the fundamental structural shift from traditional TV to streaming. Whether Disney+ can establish a competitive edge against Netflix and Amazon Prime will determine the company’s future.

Second, managing cash flow and restoring profitability amid economic uncertainty is critical. Investors on Wall Street now prioritize steady profits over aggressive investments in streaming services. The company must shift from Iger’s growth strategy to stable management.

Third, the new leader must simultaneously execute strategies across multiple areas: overseeing the construction of new resorts in Abu Dhabi, revitalizing theme parks, strengthening film studios, and leveraging artificial intelligence. The new CEO will inherit Iger’s vast legacy while guiding Disney into a new era.

Strengths and Weaknesses of the Four Candidates

Four executives within the company are vying for the top position.

Josh D’Amaro, Head of Parks, is the most highly regarded by Wall Street. With 27 years at Disney and a track record of leading a $60 billion expansion plan, his experience in movies and TV is limited, which is his only weakness.

Dana Walden, Head of Television and Streaming, possesses deep expertise in these areas. She could become Disney’s first female CEO in its 102-year history. However, her experience in theme parks and gaming is lacking.

Alan Bergman, Head of Film Studios, and Jimmy Pitaro, President of ESPN, are also mentioned as candidates, but comparatively less frequently.

James Gorman’s Philosophy on Succession

James P. Gorman, who became Disney’s chairman a year ago, is well-acquainted with leadership transitions from his time at Morgan Stanley. Having led Morgan Stanley through the Lehman crisis and serving as CEO for 14 years, he successfully rebuilt and grew the firm.

Gorman prioritized succession planning, incorporating external perspectives into the process. The board established a dedicated committee comprising Gorman, GM CEO Mary Barra, Lululemon CEO Calvin McDonald, and former Sky executive Jeremy Darroch. They rigorously evaluate each candidate’s skills, resilience, and leadership qualities.

“Most leaders can’t pass the baton this smoothly,” says Erika H. James, Dean of Wharton School. “Gorman is someone who doesn’t shy away from difficult decisions.”

Lessons Learned from Morgan Stanley’s Success

Morgan Stanley’s succession process was characterized by disciplined, multi-year execution. Candidates had ample time with the board, and the importance of involving shareholders, employees, and the candidates themselves was recognized.

Gorman explains the key to succession as simple: “It all starts with a fundamental question. Do you really want to step down? I did, and that’s why my successor succeeded.”

In October 2023, Morgan Stanley appointed Ted Pick as CEO, with two unsuccessful candidates promoted to co-presidents and receiving substantial retention bonuses. There is strong speculation that Disney’s board may adopt a similar approach to prevent talent drain.

The Mission for Disney’s Next Leader

The new CEO faces numerous tasks: establishing Disney+ as the top streaming platform, responding to the decline of traditional TV while maintaining content quality, revitalizing theme parks, and maximizing assets from film franchises and acquisitions like Pixar, Marvel, and Lucasfilm.

Simultaneously, they must address challenges unforeseen in Iger’s era, such as transforming creative processes in the age of artificial intelligence, navigating global economic uncertainties, and choosing corporate stances amid increasing political polarization.

In its 2024 message, the board emphasized that “the goal is not just to select a new CEO but to build a strong leadership team capable of shaping Disney’s future.”

When Will the Successor Be Announced?

The candidate announcement is expected as early as spring 2026. While Iger’s reforms have given Disney many assets, whether they will generate true value depends on the next leadership.

“Organizations evolve through change,” Gorman said. “Repeating the same things won’t lead to growth.”

Who will write Disney’s next chapter? The answer is about to be revealed.