In search for its next CEO, Disney board focuses on four divisional heads

By Thomas Buckley and Lucas Shaw

Walt Disney Co's board is focusing on four divisional heads as part of a formal search for an eventful successor to Chief Executive Officer Bob Iger, people with knowledge of the matter said.

The four are TV chief Dana Walden, ESPN’s Jimmy Pitaro, theme-parks boss Josh D’Amaro and Alan Bergman, who heads the film business, according to the people, who asked not to be identified discussing private conversations.

As part of the process, Disney may appoint a No. 2 executive — a chief operating officer or president — to serve for a time before Iger steps down, according to the people. His contract runs through the end of 2026, and no decision on a successor is expected this year, the people said.

 

Iger is spending time with all of the internal candidates to help them understand how he approaches the job and give them exposure to business units they’re not familiar with, according to the people.

All of this is happening under the glare of dissident shareholders who are seeking seeking board seats at Disney’s April 3 annual meeting. Trian Fund Management’s Nelson Peltz, in particular, has been critical of the company’s succession planning, saying he and Jay Rasulo, Disney’s former chief financial officer, should join the board to invigorate the search.

Disney has outlined some of its succession planning in regulatory filings. A board committee formed last year met six times in fiscal 2023, working with a search firm, reviewing internal and external candidates, and conducting interviews.

Chairman Mark Parker, who oversaw a successful transition as CEO of Nike Inc., is leading the effort, along with three other board members: Morgan Stanley Chairman James Gorman, General Motors Co. CEO Mary Barra and Lululemon Athletica Inc. CEO Calvin McDonald.

The world’s largest entertainment company has struggled with succession in the past. Iger passed the baton to parks chief Bob Chapek in February 2020, only to return in November 2022 amid streaming TV losses and a public feud between the company and Florida politicians.

In 2015, the company named then-parks head Tom Staggs as chief operating officer, positioning him as possible successor to Iger. But Staggs stepped down a year later, and Iger extended his tenure for another four years.

Walden is seen as a brilliant creative executive with strong talent relationships, but she is still learning the streaming business and has little experience in parks. D’Amaro has plenty of savvy with parks and almost no background in film and TV. Pitaro is leading the charge into streaming for ESPN, the largest sports media company in the world, but has a smaller portfolio than most of his peers. Bergman has spent much of his career at the film studio, with his earlier years in financial roles.

Should Disney go outside the company for its new leader, it would be the first time since Michael Eisner got the job in 1984. Both Chapek and Iger were appointed from within.