Disney’s board of directors prepares to announce Bob Iger’s successor for early 2026, according to revealed President James Gorman. With this, the race to lead the entertainment giant has been reduced to two favorites. And after the disastrous mandate of Bob Chapek between 2020 and 2022, Disney cannot afford another mistake in the chair of the most powerful manager in Hollywood.
With the shareholders meeting scheduled for March 18 and Iger’s contract expiring on December 31, 2026, the clock is ticking for a decision that will determine the direction of a 230,000-employee company valued at more than $170 billion.
Iger’s salary. Iger’s compensation amounts to $45.8 million: $1 million in base salary, $21 million in stock, $14 million in stock options, $7.25 million in cash bonuses and $2.59 million in additional compensation. It represents an increase of 11.5% compared to the 41.1 million by 2024a figure that contrasts with the urgency surrounding the search for his replacement and underlines the importance of the position.
The imminent announcement. James Gorman stated that the appointment will be determined by the full board in early 2026. The March 18 shareholder meeting is relevant for a precedent: when Iger retired in 2020, the announcement of his successor It occurred approximately two weeks before the annual meeting.
The two candidates: Josh D’Amaro. The succession has become a duel between two antagonistic profiles. Josh D’Amaro, 54, president of Disney Experiences, leads the bets in some recent surveysa striking fact considering that one year before He wasn’t even among the top three candidates.
D’Amaro has 27 years of uninterrupted experience in the company. Disney Experiences generated last year the 36% of total revenue and oversees a $60 billion five-year expansion in parks and cruises, and Wall Street supports its operating profile. Among its weaknesses, its limited experience in the creative content businessthe historic heart of Disney: film production, relationships with Hollywood talent and streaming.
The two candidates: Dana Walden. Walden, 61, co-chairman of Disney Entertainment with Alan Bergman, presents an opposite resume. President of Entertainment at Fox in 1999, Co-CEO of the Fox Television Group, she arrived at Disney in 2019 with the acquisition of 21st Century Fox. Walden is a historic choice: she would be the first woman to lead Disney in its 102 years of existence.
His strength lies in decades of cultivating relationships with the Hollywood creative ecosystem and having led Disney+ to profitability after years of million-dollar losses. Under his supervision, the group’s platform and television networks have produced recent hits such as ‘The Bear’ and ‘Only Murders in the Building’, consolidating Disney’s presence in the competitive streaming market.
Walden’s shortcomings. The opposite of D’Amaro: he has never managed parks and resorts, a segment that contributes more than two-thirds of operating profits. He also does not have substantial experience in the film industry. His candidacy was marred by temporary suspension of Jimmy Kimmel’s show in October 2025, episode that some media suggested that could have damaged its image with shareholders.
Other possible candidates. Alan Bergman, co-chairman of Disney Entertainment, has contributed to the profitability of Disney+ and oversaw hits such as ‘Inside Out 2’ and ‘Deadpool and Wolverine.’ The company reached a record 60 Emmy Awards in 2024. However, it has been said who lacks the necessary charisma and falls below D’Amaro.
Jimmy Pitaro, current president of ESPN, personally communicated his lack of interest in the position. Replacing him at ESPN would also be complex given the specialization of the position. Disney also considered hiring external talent: Andrew Wilson, CEO of Electronic Arts, held talks during Chapek’s tenure about a potential sale of EA to Disneybut lacks experience in film, television and parks.
The Chapek trauma. The urgency responds to a recent corporate trauma. Bob Chapek, named CEO in February 2020 after leading the parks division, was removed in November 2022, 33 months later, forcing Iger to be reinstated. Among Chapek’s mistakes: the release of ‘Black Widow’ simultaneously in theaters and Disney+ without renegotiating Scarlett Johansson’s contract, which led to a public lawsuit. The second disaster came when it was revealed that Disney had financed campaigns of legislators who promoted the ‘Don’t Say Gay’ law in Florida, which was followed by protests by employees and Iger demonstrating against it. Chapek’s late rectification sparked a confrontation with Gov. Ron DeSantis. The final blow: a disastrous fourth quarter in 2022 that stocks sank.
The possible scenarios. The most likely: D’Amaro as sole CEO, with Walden overseeing creative content. There is also speculation with D’Amaro and Walden as co-CEOs, dividing control according to their previous experiences, a model that would avoid excessive concentration of power. The third scenario, with Walden as sole CEO, is the least likely due to her inexperience in parks and cruises.
Header | Nagi Usano
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