A new report has emerged that Disney Chief Executive Officer Bob Iger plans to step down from the CEO seat, and pull back from daily management before the end of his current contract. Here’s the latest, along with our commentary.
In an exclusive, the Wall Street Journal has revealed that Bob Iger has told multiple associates that he intends to leave the CEO role prior to December 31, 2026, which is when his contract expires. The company has publicly stated it will name current CEO Bob Iger’s successor in early 2026, and that he would stay on through the end of the year to assist in an orderly transfer of power.
Bob Iger’s contract was extended back in Summer 2023 through the end of 2026, with succession planning being an emphasis. In a recent letter to shareholders, Chairman of the Board James P. Gorman, who was brought on to choose a successor CEO and facilitate a successful transition, indicated that potential CEO candidates have been evaluated. He further shared that the full Board will make a determination, and the appointment of Disney’s next CEO will be announced soon.
Per the WSJ, the Disney Board of Directors is planning to meet next week at its headquarters in Burbank, California, where they are expected to vote on who should take the top job, according to people familiar with the matter.
This was reinforced by additional reporting today from the New York Times, which further narrowed that timing. Disney’s board is expected to choose Iger’s successor in the next week, according to two people with knowledge of the plans, who spoke with the NYT on the condition of anonymity to discuss a private process.
The WSJ further revealed that Iger has told people close to him that he is ready to move on from the grind of being CEO. In private conversations over the last few months, he’s conceded being frustrated by conflicts at Disney’s ABC network over the brief suspension of late night host Jimmy Kimmel, people who have spoken with him said.
Even from the outside looking in, this seems plainly evident. Iger has made a couple of comments indicating that turning things around at Disney has been more difficult than he anticipated. Based on his own statements, it seems like the job is wearing him down.
As someone who watches virtually every Bob Iger appearance and interview, I’ve noticed visible cracks in the veneer over the last few years. There was the hostility between he and Elon Musk, and that clearly annoyed Iger. There was another time during the writer’s strike when Iger chose his words rather carelessly–a Chapekian misstep the old Iger never would’ve made.
There have also been lapses in judgment. Mistakes that the old Iger wouldn’t have made. I don’t mean poor decisions from a fan perspective, like his steadfast refusal to reimagine Journey into Imagination despite it being the surefire recipe for world peace and prosperity. I mean decisions that were clearly erroneous, as evidenced by Disney having to walk them back. The type of thing that was a weekly occurrence in the Chapek days, but unforced errors seldom happened with Iger 1.0.
In Iger’s defense, navigating the current climate is an impossible and unenviable task. And he’s largely done a decent job of quieting criticism, cooling the controversies and navigating the political landscape, at least to the extent possible.
By and large, Iger has been incredibly well-spoken and calculated. He’s disciplined, zealously on-message and brand. It’s a night and day difference from the last CEO. At the same time, close observers can tell that he’s lost a step–something I would not have said in early 2020 when he left abruptly for the first time. He’s like the Lebron of then and now; still one of the best to ever do it, but not the same as during his prime.
According to WSJ, Iger has told multiple associates that he would like to spend more of his time and energy on other things, such as sailing his new and larger superyacht, the Aquarius, which was completed and delivered to him last summer.
He has said he would also like to devote more time to work with his wife, Willow Bay, dean of the USC Annenberg School for Communication and Journalism, on Angel City FC, the women’s soccer team they bought in 2024.
According to DTB sources*, Iger would like to devote more time to petting hippopotamus after “three years of hell.” The inside scoop is that he’s still bitter about his successor/predecessor getting more hippo face time, and wants to even the score. (*I made it up.)
The final timing of Iger’s departure from the CEO seat has not yet been determined and is subject to change.
Regardless of the timing, it’s not expected to be immediate and abrupt like last time when Iger handed over the keys to the kingdom to Chapek in the early days of COVID. Iger is expected to remain CEO for several months after the company announces who will replace him so that he can mentor the new leader, people with knowledge of his plans told WSJ.
It’s also possible that Iger could retain a role on the board and at the company after the CEO transition. We would note that this happened last time, and did not end well.
People close to the company believe the CEO race has come down to two candidates: Experiences chairman Josh D’Amaro and entertainment co-chairman Dana Walden, a veteran television executive.
Both executives presented their visions for the company’s future to the board last August. Disney’s Succession Planning Committee, and all directors have actively participated in a rigorous and ongoing evaluation of potential CEO candidates, including direct engagement, performance assessment, and consideration of leadership capabilities aligned with the Company’s long-term strategy.
If you want to know why a totally unbiased Disney Theme Parks Blog thinks the head of Disney’s Theme Parks should be the company’s next CEO, check out “Josh D’Amaro Gains Steam as Bob Iger’s Successor. Here’s Why He Should be Disney’s Next CEO.”
Iger told one associate that he wanted to give his successor a “fresh start” and that lingering until the end of the year would hinder whoever the board picks to lead the company going forward.
Since Iger’s return, there has been nonstop speculation, rumors and palace intrigue. A lot of that has been about the Battle of the Bobs, but just as much has swirled around succession.
There have been questions about who will get the top job, whether it will be an insider or an outsider, and how the company plans to manage the transition. Frontrunners have gone from dearly-departed CFO Christine McCarthy to former Disney executives Tom Staggs and Kevin Mayer to now Parks Chair Josh D’Amaro.
Prior to this, a year-end poll taken by Bloomberg asked over 700 industry experts big questions about the future of entertainment companies. One question was “who will be the CEO of Disney in 2027?”
D’Amaro was the winner with roughly 30%, or 212 of the votes. Walden was in second-place with 22.5%, or 159 votes. Bob Iger was in third place with 18%, or 126 votes. Betting on Bob sticking around (yet again) is never a bad bet, as history would be on the side of that choice.
Again, from the outside looking in, my perspective is that this time it’s different. Disney has actually been serious about the succession process this time, and after bungling the Chapek pick so badly last time, there’s no way they’re letting history repeat itself. Gorman’s presence alone indicates as much.
Even aside from that, it sure seems like Bob Iger is ready to move on. Perhaps, like Lebron, father time is finally catching up to him and he’s realizing he’s lost a step. Maybe the longer runway this time is giving him closure.
It’s possible that the turnaround process has been satisfactory, he’s satisfied with the more seamless succession process, and he’s ready to go out on a high note. That he’s not worried about a Chapek-sized mistake tainting his legacy.
It’s also possible that leaving “early” in this case actually means exiting around the start of the new fiscal year on October 1st as opposed to December 31st. My guess is that’s closer to the case than Iger leaving in, say, March or April. We should find out in the next couple of weeks, so stay tuned for the next episode of “Days of Disney C-Suite Lives,” America’s #1 soap opera among the key business and Hollywood demos.
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OUR THOUGHTS
Think Bob Iger will really leave the CEO seat early? Who do you think will be CEO of the Walt Disney Company on January 1, 2027? Will it be Bob Iger (still), Josh D’Amaro, Dana Walden, Tom Staggs, or none of the above? Who should it be? Do you agree or disagree with our assessment? Any questions we can help you answer? Hearing your feedback–even when you disagree with us–is both interesting to us and helpful to other readers, so please share your thoughts below in the comments!
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