The race has officially started. Everyone in a management position at The Walt Disney Company has started running to succeed Disney CEO Bob Iger.
The Walt Disney Company has four leading internal candidates for the job: Disney Entertainment Co-Chairs Dana Walden and Alan Bergman, ESPN Chairman Jimmy Pitara, and Head of Disney Parks, Experiences, and Products Josh D’Amaro.
Each internal candidate brings something to the table but lacks experience in some other aspect of the company. Sure, D’Amaro is a park expert, but he knows very little about streaming and Disney’s film business.
To complete the Herculean task of finding Disney’s next CEO, the company named former Morgan Stanley Executive Chairman James Gorman, the new chairman of The Walt Disney Company Board of Directors.
Gorman’s first, and seemingly only, mission is to find the company’s next CEO by 2026, when Bob Iger’s contract expires, and avoid the company’s previous disasters.
The first time Bob Iger left the company, he chose Bob Chapek to succeed him, and it was an unmitigated disaster. Chapek was too focused on the bottom line, and Disney’s film and creative departments still haven’t recovered.
Despite lessons from the past, most insiders believe either Walden or D’Amaro will win the job. However, some believe Disney’s next CEO isn’t currently with the company, and finding someone to replace Iger is nearly impossible.
Bloomberg Intelligence Media Analyst Geetha Ranganathan said:
Just because you’re a creative genius doesn’t mean that you could be an operations genius as well, which is exactly what you need to be for running kind of a theme park/cruises. It’s not your traditional media CEO; there are very few executives I would say, you have that kind of experience.
Unlike other Fortune 500 Companies, the Disney CEO isn’t a nameless, faceless entity. They are the Disney company and must follow in Walt’s footsteps.
Doug Chai, a longtime Disney shareholder and fellow at the Center for Corporate Law and Governance at Rutgers Law School, said:
It’s a rare breed that you’re looking for. Whoever is in this role is seen as more than just a CEO of a corporation. They have the role of an ambassador to millions of people, and a lot of families and children. Over the years, that person is this role has played that role quite well, going back to Walt himself.
What is certain is that Disney is seeking another unicorn: the one person in the world who can manage theme parks, movies, creatives, streaming, and sports. Sadly, that person is nearly impossible to find.