The hottest roller coaster at Disney is, once again, the ride that ends with Bob Iger announcing his replacement.
Succession drama has engulfed Disney for the better part of a decade, but questions around who will fill the shoes of the entertainment giant’s mythical CEO have grown louder in recent weeks. In late August, Disney announced that board member James P. Gorman would lead the planning committee tasked with orchestrating the handoff of power between Iger and his heir. Gorman is executive chairman of Morgan Stanley and has experience as an architect of corporate dynasties.
Roughly two weeks after Gorman was tapped, The New York Times published an impressive account of the implosion of Bob Chapek, who was elevated to CEO in 2020 after Iger retired the first time, only to be ousted by the board less than two years later. The Chapek saga is a lesson in the dire consequences of botching the process — and an urgent reminder that Disney can’t afford to mess this up again.
To be fair, the waters have been calmer lately. After a box office slump, Disney is raking in cash at movie theaters again (“Inside Out 2,” “Deadpool & Wolverine”). And having launched buzzy shows like “Shōgun” and “Abbott Elementary” across Disney-owned brands like ABC, Hulu, FX and Disney+, the company took home a record-breaking 60 Emmys on Sunday. There are still problems to resolve — inflation is taking a toll across the company’s theme parks — but Iger’s return has inspired a greater sense of stability and improved morale. The second Iger era won’t last forever, given that his current contract expires at the end of 2026. That’s left a small collection of top Disney executives jockeying for his crown. So who is best positioned to win this game of thrones?
Dana Walden, co-chairman of Disney Entertainment, still has a leading edge, according to nearly a dozen industry players, corporate rivals and Disney sources who spoke with Variety. She is the chieftain of television at the company, and the Emmy haul puts her at the top of the class (Iger sat with Walden at the awards ceremony in Los Angeles). A savvy executive with decades of talent relations under her belt, Walden is seen as the closest spiritual successor to Iger — an executive who projects a placid kind of perfection and prioritizes creative output. “Dana is smart, and all-in for this opportunity,” says one powerful show-business figure close to her. But Walden shouldn’t start rearranging the furniture in Iger’s executive suite.
Walden has limited experience with parks, cruises and Disney’s valuable franchise businesses in film. She’s also been inserted into the current election cycle: Her friendship with White House hopeful Kamala Harris made headlines as ABC News hosted a debate between Harris and Trump last month. Disney has grown averse to political battles in recent years, all too aware that it needs to cater to customers in both red and blue states.
Then there’s Josh D’Amaro, the clean-cut Disney parks head. He isn’t as well-known as Walden but has the kind of operational experience that could appeal to board members and shareholders. Sources noted the plug D’Amaro gave himself at August’s D23 fan convention. While announcing a new “Villain Land” coming to Walt Disney World, the magic mirror from Snow White name-checked him personally onstage before hyping attractions that will go inside the lairs of Ursula (“The Little Mermaid”) and Maleficent (“Sleeping Beauty”). Others note his similar lack of experience facing Wall Street, but concede that it takes creative chops to program parks content and manage Disney’s vaunted Imagineers.
“Anyone beyond Dana or Josh is probably a stretch,” says one top talent dealmaker. Yet others would not immediately discount Alan Bergman, Walden’s co-chairman of entertainment (who sat at Iger’s other arm during the Emmys). His movie studio is back on track in 2024, and his portfolio includes Disney’s most coveted brands — Marvel, Lucasfilm and Pixar. There’s also ESPN chairman Jimmy Pitaro, who has so frequently said he does not expect Iger’s job, some wonder if he doth protest too much. Hugh Johnston, Disney’s CFO, commands great affection from employees, but numerous insiders believe he’s not in the running for the top job.
Figures outside the Hollywood bubble, those rooted in global corporate culture, wonder if the internal horse race isn’t a waste of time.
“The board’s installation of James Gorman is a signal that they finally want to run a proper search,” one board member at a rival media con- glomerate says. No CEO can be named without board approval, but history has shown that Iger’s blessing goes a long way.
One source notes that Iger would be more inclined to back “someone who preserves his own legacy.” Two people familiar with Iger’s thinking say he’s aware the process has been bungled before, and he is devoted to finding the right successor. Iger also is willing to step into an executive chairman role if the right CEO candidate is found before his contract expires, another source adds. That might even mean looking beyond Disney’s current leadership to seek an executive outside the Magic Kingdom.
Disney’s future sits in tech, gaming and other spaces that younger consumers are gravitating toward. It won’t be an easy process for an unknown. The corporate trenches at Disney are dug deep, and a successful outsider will need impressive diplomatic skills and a shrewd business sense. One dealmaker cautions that any outside hire might force Walden or D’Amaro to leave the company.
“The new CEO needs to serve Disney’s real customer,” the insider adds. “And those are the ones laying in maternity wards right now.”
From Variety US