It seems we’ve only just recovered from the Battle of the Bobs, and now it’s already time to start figuring out the best Bob candidate to take over as Disney’s CEO. On Monday, the company announced James Gorman (executive chairman of Morgan Stanley) will become Disney’s next chairman of the board in January 2025. Gorman is also leading the committee to find a CEO to replace Bob Iger, a search which will conclude in “early 2026,” according to a Disney press release.
“A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026,” Gorman said in a statement. This timing reflects the progress the Succession Planning Committee and the Board are making, and will allow ample time for a successful transition before the conclusion of Bob Iger’s contract in December 2026.”
According to The New York Times, there are four top internal candidates: Disney Entertainment co-chairman Dana Walden (who oversees much of the television business), the other co-chairman Alan Bergman (who oversees movies), Chairman of Disney Experiences Josh D’Amaro (who runs the theme parks), and ESPN chairman Jimmy Pitaro. Disney’s press release asserts that the Succession Planning Committee is reviewing both internal and external candidates.
Iger first became CEO in 2005, and he delayed retirement four times before handing over the reins to his handpicked successor Bob Chapek in 2020. That was an infamously difficult time for the entertainment industry, and it didn’t take long for Iger and the board to turn against Chapek. By 2022, the board had ousted one Bob and reinstated another. But the difficulties continued in the wake of Chapek’s departure as Wendy’s mogul Nelson Peltz began a proxy battle for control of the board, which was triggered in part by his criticism of how the company handled the succession planning.
Peltz’s power grab came to naught, but Disney is obviously trying to avoid another rocky transition of power here. The board reportedly didn’t even interview Chapek before instating him as CEO, and now they’re publicly signaling a years-long search with a committee headed by the board chairman. Plus, the NYT points out that one of Gorman’s claims to fame is handling a tricky succession process over at Morgan Stanley. The outlet speculates that the 2026 announcement is meant to cool the rumor mill and alleviate some distraction within the organization; it’s also clearly a signal to investors that things are going to be different this time around.
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