Will Disney Hire Two People to Replace Bob Iger?

Well, the race to become Disney’s CEO just got even more confusing.

Will two people succeed Bob Iger as Disney’s next leader? Maybe! Here’s what we know.

How We Got Here

In 2024, The Walt Disney Company kicked the can down the road with an important choice.

James Gorman, formerly of Morgan Stanley, joined Disney’s Board of Directors.

Soon afterward, the Board agreed that Gorman should decide who would lead Disney.

Gorman earned a quick promotion to the Chairman of the Board of Directors.

Since the executive was new to Disney, he asked for more time to evaluate the candidates.

This delay occurred almost exactly one year ago, but everyone knows it’s time for a decision.

Disney officials have repeatedly suggested that a decision will come in early 2026.

Since we’re in mid-October now, and the holiday season is approaching, it’s almost time.

Nobody on Wall Street or in Hollywood does anything productive during Thanksgiving and the 12 Days of Christmas.

So, no matter what Disney says, it has narrowed its list to a series of finalists.

According to reports, the four leading contenders are precisely who you’d expect.

Four individuals currently hold positions as Chairmen of various Disney divisions. They are:

• Disney Entertainment Co-Chairman Alan Bergman
• Disney Entertainment Co-Chairman Dana Walden
• Disney Experiences Chairman Josh D’Amaro
• ESPN Chairman Jimmy Pitaro

Since Iger returned, I have posted various power ratings and descriptions of other contenders.

Names linked to Disney include former executives Kevin Mayer and Thomas O. Staggs.

Their candidacies have declined due to the struggles of their company, Candle Media.

The formerly strong business has faded during the past three years, which hurts their prospects.

Meanwhile, a formerly hot name, Andrew Wilson of Electronic Arts, is no longer an option.

EA has gone private under a nuanced deal. His current timeline presumably precludes him from leaving.

Finally, Netflix Co-CEO Ted Sarandos, a strong candidate on paper, has dismissed the possibility.

Speaking of Co-CEOs

While executives have been known to lie about such topics, Sarandos has no reason to leave.

Currently, Netflix sits atop the streaming media hierarchy and is too big to fail in the short term.

In 2024, Sarandos took home a whopping $61.9 million, which is…good work if you can find it.

For comparison, Bob Iger made a comparatively paltry $41 million.  

While I’m being a touch sarcastic, taking the Disney job would legitimately be a 50 percent pay cut for Sarandos.

Sure, Disney could sweeten the deal some, but its finances don’t justify that sort of expenditure.

As things stand, I suspect most Disney Cast Members don’t feel great about Iger’s pay.

So, with no external candidates currently being connected to Disney, the focus appears to be internal.

Specifically, as I’ve been saying since November 2022, the two high-priority targets are obvious.

One of Josh D’Amaro or Dana Walden will likely succeed Iger as Disney CEO.

Recent buzz has heavily favored D’Amaro, with someone even joking with Iger on the point.

Apparently, Disney’s current CEO bristled at the notion, suggested nobody had decided yet.

Still, many people in Hollywood and on Wall Street are operating under the assumption that D’Amaro will win.

However, a recent CNBC report confirms something I suggested last year.

Disney has considered more of a super-team structure for its top-level leadership.

In such a scenario, the company would follow the Netflix model by naming Co-CEOs.

Specifically, Dana Walden and Josh D’Amaro would succeed Iger as Disney’s Co-CEOs.

Why Co-CEOs Make Sense

Presumably, Walden and D’Amaro would share duties, with her in charge of entertainment and him in charge of theme parks.

Such job assignments would fit their skill sets while addressing their perceived weaknesses.

D’Amaro has little experience working with Disney Entertainment, although he has worked with Disney Consumer Products.

Conversely, Walden is still relatively new at Disney and thereby less familiar with the whole operation.

The Co-Chairman joined Disney in 2019 after working for Fox throughout her career.

As such, she has little familiarity with theme park operations, Disney’s most lucrative asset.

So, a Co-CEO selection makes perfect sense in terms of steering the course at Disney.

Alas, CNBC’s Alex Sherman points out a structural flaw with this potential decision.

At Netflix, co-founder and former CEO Reed Hastings promoted Sarandos to a Co-CEO position.

Later, Hastings became Executive Chairman but rather than make Sarandos CEO, he promoted Greg Peters.

Effectively, Peters replaced Hastings in that role, and the decision paid shocking dividends.

Netflix’s stock has increased by 275 percent since the start of 2022!

When Peters and Sarandos are at odds or have questions they cannot answer, they speak with Hastings.

Bob Iger likely envisions a similar role for himself by once again becoming Executive Chairman.

In case you’ve forgotten, that’s the role he held at Disney from February 2020 through December 2021.

And yes, if CNBC is right, that means Iger may be staying at Disney longer than expected.

The Iger Sanction

In such a scenario, Disney would experience the same weirdness as in 2022.

Remember when Bob Chapek repeatedly bristled at the appearance that Iger was still in charge?

Now, two accomplished Disney executives would face the same perception, which isn’t ideal, to say the least.

However, Walden and D’Amaro have developed mentor/protégé relationships with Iger.

They’d presumably seek his advice on any number of subjects anyway.

That’s one of the many things that are strange about Chapek’s tenure. He cut ties with Iger.

Also, Chapek promoted people loyal to him to reduce Iger’s influence in the company.

Objectively, that’s a strange thing to do after 15 years of corporate excellence.

So, Iger in the role of Executive Chairman should work better with D’Amaro and Walden than with Chapek.

This is all entirely theoretical, though. Disney may yet choose a single successor.

As I’ve stressed throughout the process, Disney has two ideal candidates for the job of CEO.

So, any of three main options on the table should work well for Disney.

If D’Amaro or Walden becomes CEO, there are pros and cons to both.

In a Co-CEO scenario, it’s probably the best of both worlds at Disney, especially with Iger staying on for another year or two.

If Iger intends to be Executive Chairman for many years, that would be a problem, though.

Neither D’Amaro nor Walden could ever prove their individual skill as corporate leaders.

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Feature Photo: Disney