Dana Walden Speaks in Disney CEO Battle
The Walt Disney Company just accepted a rare public appearance for another company.
This practice happens only three or four times a year, making each showing newsworthy.
Walt Disney Company
However, this particular gathering mattered more than most due to the person Disney chose to represent the company.
Disney selected the perceived leader in the clubhouse to replace Bob Iger as CEO.
Photo: Deadline
So, Dana Walden has taken the podium and attempted to build momentum for her candidacy. But how did she do?
Let’s discuss what just happened, whether Walden helped herself any, and what it means for the CEO battle.
About the Event
Morgan Stanley
Dana Walden, the Co-Chairman of Disney Entertainment, just appeared at the Morgan Stanley Technology, Media & Telecom Conference.
Her selection garnered buzz in and of itself, with several analysts suggesting that it confirmed Walden’s frontrunner status.
Source: Disney
Personally, I haven’t read as much into it, as Disney also selected former CFO Christine McCarthy to appear here a couple of times.
McCarthy’s first appearance went so poorly that Disney made her read plenty of scripts for her next showing.
Photo: Smith College
You can still read the full transcript here. But the point is more that Disney doesn’t always send its CEO.
While Christine McCarthy may have believed she was in line to become CEO at some point, nobody else at Disney did.
Photo: Getty
Still, I could understand why some people perceive Walden’s selection as at least somewhat ceremonial.
Disney may be training people to expect to see Walden at such meetings.
Photo: Disney
The counterpoint I’d make is that Disney Experiences Chairman Josh D’Amaro made headlines for an SXSW appearance in 2023.
This year, Disney is sending Alan Bergman, the other Co-Chairman of Disney Entertainment, instead.
Photo: JIM CARCHIDI
So, I’m squarely in the “much ado about nothing” camp. But I’m always interested to hear what C-suite Disney execs have to say.
What Did Dana Walden Say?
Fittingly, the first question Walden fielded during this Q&A session involved the split in job duties between her and Bergman.
To Walden’s credit, she kept it simple. “Alan oversees our Film Studios and Branded Series. I oversee Global Television.”
Photo: Disney
Anticipating the next logical question, the executive added, “Together we oversee Disney+ and Hulu, inclusive of ad sales, technology, and platform distribution.”
In other words, Walden made sure to mention that she and Bergman deserve equal credit for Disney’s streaming success.
Photo: The Hollywood Reporter
That’s a deft way to avoid being perceived as a glory hog, an essential consideration for someone aiming to lead a company.
Soon afterward, Walden explains Iger’s leadership style and strongly hints that she’d do the same.
Photo: Variety
“As Bob likes to say, he connected the people who approved the spending to the revenue.”
That’s a slap at the poor leadership of Bob Chapek, who neutered several executives by taking away their ability to finance projects.
Photo: Walt Disney Company
Walden is telling everyone paying attention to this conference, which is basically the entirety of Hollywood and Wall Street, that she agrees.
That’s a smooth way to reassure people that if she becomes CEO, little will change at the top levels of Disney.
Photo: CNBC
She’ll run the company the same way rather than stripping power from executives as Chapek regrettably did.
So, Walden passed the “at least she’ll be better than Chapek” test, which, frankly, you and I could probably do, too.
What about CEO?
Photo: Matt Winkelmeyer/Getty Images
Walden also faced the question everyone knew was coming. She largely sidestepped the implication, though.
The interviewer asked her about leadership at Disney. It was a softball opportunity to champion herself as Iger’s successor.
Holywood Reporter PHOTOGRAPHED BY DIANA KING
Instead, Walden took a “We” approach with her approach, which was diplomatic.
I’d argue that Wall Street and Hollywood both prefer self-serving responses in this scenario, but that’s beside the point.
Photo: History.com
Walden instead chose to speak to her cohorts in Disney’s C-suite and the people potentially working under her if she got the job.
Here’s the quote, which I’ve edited slightly to make it more concise.
JON KOPALOFF/GETTY IMAGES
“This is such a talented…gifted group of leaders. It is a small leadership team who deliver so much value.
“The culture at Disney is excellent. This company’s in incredibly good hands.
AP Photo/Richard Drew, File
“And we’ve had the amazing opportunity to learn and work with [Iger]…
“And I know that’s a sentiment that’s shared widely across our industry and across business in general.
Photo: The Walt Disney Company
“This company is in excellent hands, and I have amazing colleagues.”
I suspect Walden’s being entirely sincere here, which speaks quite highly of Disney’s current infrastructure.
(Photo by Phil Faraone/GA/The Hollywood Reporter via Getty Images)
Given the company’s triumphs in 2024 and early 2025, she has good reason to believe that. The data supports it.
About Walden’s Appearance
If I could choose three words to describe Walden’s appearance, they would be dry, insider, and dull.
Walden answered as informationally as possible in every instance, rarely even bothering to crack a joke.
(Photo by Tommaso Boddi/Getty Images)
The whole thing comes across as an awkward job interview among friends.
If you don’t believe me, you can read the entire transcript at this link.
Photo: The Walt Disney Company
Some questions feel like softballs specifically designed to make not just Walden but the entirety of Disney look amazing.
You can contrast these questions to the one McCarthy faced, several of which were dripping with animus.
Photo: Disney
That’s a sure sign that Wall Street has forgiven Disney after the unpleasantness of the Chapek Era.
Alternatively, you could argue that since Disney’s Chairman of the Board, James Gorman, previously ran Morgan Stanley, Walden had a cheat sheet.
(Photo by Hou Yu/China News Service/VCG via Getty Images)
A Morgan Stanley interviewer wasn’t going to go rogue and ask a Disney CEO candidate anything that would embarrass Gorman.
So, this year’s conference came across as a Disney hype session rather than anything especially useful to investors.
Photo: Disney
In fact, I’ve read some reports suggesting that the only noteworthy item was a vague announcement date for Mufasa.
Walden stated that this film will debut on Disney+ later this month. If that’s the newsiest thing…well, yikes!
Photo:cnet.com
In a way, the orchestrated manner of this year’s interview did Walden a disservice. She had no way to prove herself.
That’s why I cannot envision any scenario where the Morgan Stanley conference helped her candidacy.
P & G
I don’t think it hurt her, either. And at least she didn’t call anybody fat like McCarthy infamously did during a Q&A.
Also, the one thing I want to emphasize about Walden during this appearance is that she comes across as extraordinarily bright.
Image: Disney
The woman has an ideal handle on the overwhelming importance of the Disney Flywheel, another skill Chapek lacked.
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Feature Photo: Hollywood Reporter/ PHOTOGRAPHED BY DIANA KING
