The search for Disney’s next CEO has become a chaotic mess as activist investors push for seats on the company’s board — and Hollywood insiders are skeptical that any of the top contenders will be ready when Bob Iger is slated to step down in 2026.
The Mouse House is hoping to fend off billionaire Nelson Peltz and his firm Trian Fund Management, who are demanding two board seats in a fierce proxy battle that will come to a head at the company’s annual shareholder meeting on Wednesday.
The heat is on to get the plan right this time — and Disney’s murky succession plan is playing into the hands of the activists: Critics note that Iger returned as Disney’s CEO in late 2022 in order to undo the damage from the two-year, volatile tenure Bob Chapek — his own, handpicked successor.
Sources point out that one frontrunner in the race, Dana Walden, the company’s highly respected head of TV, would be the first female CEO of Disney in its 100-year history — giving the move a feeling of turning the page on the Iger era.
Dana [Walden] is a real player, said a studio exec, who praised the TV boss relationships with talent, and called her a leading contender.
She would be the most Hollywood and entertainment-industry friendly, chimed in another source close to Walden. She is a deep state Hollywood insider, born and raised in Studio City, vacations with other TV moguls.
Nevertheless, the 59-year-old, former CEO of Fox Television Group also has very few qualifications to run a global, 250,000-employee business with complex financial, strategic and geopolitical challenges, the source added.
Indeed, some insiders are candidly hoping that 73-year-old Iger extends his contract one more time before hanging up his Mouse ears for good. Reps for Disney, Iger and Walden did not comment.
It wouldnt surprise me if he stays, the Disney source said of Iger. He is ageless and there arent many internal successors who are ready.
However, a source close to Disney pointed out that Walden’s experience is similar to what Iger’s was before he was named CEO.
In addition to Walden, the company is reportedly considering three other internal candidates — ESPNs Jimmy Pitaro, theme parks boss Josh DAmaro and film head Alan Bergman — to elevate to the role of president or chief operating officer, Bloomberg reported earlier this month.
Iger plans to name a successor and help train them before departing in two years, CNBC reported on Monday. But a former Disney exec said the move is “classic Disney” and that it doesnt necessarily mean that any of the four will clinch the top job or that Iger won’t extend his deal for another term.
Its the Disney succession playbook. [Former CEO Michael] Eisner made Iger president and COO. Iger made [chief financial officer Tom] Staggs COO and then dumped him, the source said, adding that it would give the promoted exec time to be tutored and tested, and jettisoned if necessary.
Insiders say Staggs also has reemerged as a potential successor, as has his partner at media firm Candle Media, Kevin Mayer, who helmed Disneys streaming business. Mayer also was passed over for Igers job in favor of Chapek. Mayer left Disney shortly after.
Two sources close to Iger told The Post that the exec is adamant about retiring in 2026 — but both added that the sentiment sounds all too familiar. Iger initially planned to retire in 2015, but he renewed his contract four times before handing the reins to Chapek.
Its really hard to tell what Bob thinks. Hes a very disciplined corporate player, a source with knowledge told The Post. This last time around was something he felt he had to do because he f–ked up the succession the first time around.
He says, I want out. Im tired. Its miserable, its no fun,” the source continued. “Maybe. Or maybe he wants to stay forever? I dont know because hes said that to me before. He said I want to get out but then he stayed.
Igers wife, Willow Bay, who is the dean of University of Southern California’s Annenberg School for Communication and Journalism, just renewed her five-year deal, and Iger isnt great at enjoying his free time for very long, a source said. In the end, most believe that no one can do the job like Iger can — and that anyone who tries will probably fail.
Its like trying to follow Michael Jordan, a source said.
Sources pointed to DAmaro as a strong contender because of his essential experience running Disneys all-important parks, experiences and products business.
The first time around, it was a parks guy, a Disney insider said, referring to Chapek. It didnt work out too well but that doesnt mean that parks guys as a group are horrible executives and cant run the Walt Disney company.
The well-liked, friendly exec may have deep operational experience but he has little creative experience, a second Disney source said.
Hes Chapek 2.0, the source deadpanned. He doesnt know Hollywood or the entertainment and sports businesses which make up more than two-thirds of the company.
The source close to Disney disputed that DAmaro lacked creative experience, noting his work with the Disney Imagineering program.
Bergman, the companys CFO, also could have trouble being viewed as a credible candidate, with insiders calling him a bean counter who is not well liked or at all creative.
Pitaro, on the other hand, has been successful running three segments of the company, digital, consumer products and now ESPN. Despite his broad range of senior leadership experience, as well as his acumen for working with talent and sealing big deals, he isnt seen as a visionary or a big picture strategist, the source said.
I think he is pigeonholed as a sports guy and I dont think hes seen as Disney CEO material whatever that means, the source said.
Ahead of Wednesday’s big meeting, Trian has been lobbying for Peltz and former Disney chief financial officer Jay Rasulo to grab board seats and play an active role in picking the Mouse House’s next CEO.
Sources close to Trian told The Post that Disney’s board hasn’t changed from when Chapek was selected as CEO. They added that the special committee that is overseeing the succession planning needs to spend “quality time” with the four candidates.
“These things take time. Having Nelson and Jay be part of the process would ensure that the internal candidates are vetted,” a source close to Trian said, noting that the process should be open to external candidates, too.
Trian declined to comment.
Influential proxy advisory service ISS has backed Trian, citing “strategic missteps” leading up to Disney’s prior botched CEO transition, adding that Peltz’s “considerable experience” on other boards would be beneficial.
Proxy advisors Egan-Jones and Glass Lewis have also backed Trian, while Iger and Disney have received public backing from George Lucas, Laurene Powell Jobs and several members of the Disney family.
They are confident that Iger and the Disney board will avoid picking another Chapek, who bungled the company’s response to Gov. Ron DeSantis so-called “Dont Say Gay legislation, botched negotiations with Hollywood star Scarlett Johansson and hiked prices to high at Disneys theme parks.
Whatever gets decided on Wednesday, the stakes are high not only for Disney, but for Hollywood in general, according to well-placed sources.
Disney is really important to us as an industry, said a CEO at a rival media company. An industry is like a river. When things are going well for an industry, the current is with you. As much as we are competitors, we need the industry to get its act together.
These larger factors also cold keep Iger at the helm of Disney for years to come, the source added.
I think he will stay, the exec said with a smile.