As a seasoned movie buff who has watched his fair share of corporate dramas, I must admit that the ongoing saga of Disney’s succession is as gripping as any blockbuster thriller. The stakes are high, the players are intriguing, and the tension is palpable.
Once more, the most thrilling roller coaster at Disney is the one that concludes with Bob Iger revealing his successor.
For nearly a decade, Disney has been embroiled in a succession dilemma, but the noise about who will step into the giant’s CEO role, once filled by Iger, has grown particularly loud in recent weeks. At the end of August, Disney disclosed that board member James P. Gorman would head the team responsible for coordinating the power transition from Iger to his successor. Gorman is currently the executive chairman at Morgan Stanley and has a background in creating corporate lineages.
Approximately 14 days following Gorman’s appointment, The New York Times released a detailed report on the downfall of Bob Chapek, who was promoted to CEO in 2020 after Iger stepped down for the first time. However, he was dismissed by the board less than two years later. The story of Chapek serves as a cautionary tale about the disastrous repercussions of mishandling such a process and underscores the importance of Disney not repeating this mistake in the future.
Recently, things have been smoother sailing for Disney. After experiencing a period of poor box office performance, movies like “Inside Out 2” and “Deadpool & Wolverine” are once again generating significant revenue for the company at theaters. Furthermore, successful shows such as “Shōgun” and “Abbott Elementary,” which have been broadcast on Disney-owned channels like ABC, Hulu, FX, and Disney+, helped Disney secure a record 60 Emmys this past Sunday. However, challenges remain, particularly with inflation affecting their theme parks. The return of Bob Iger has brought about a stronger sense of stability and boosted morale within the company. His tenure won’t continue indefinitely, as his contract ends at the end of 2026. This has led to several key Disney executives competing for his successor role, creating a sort of “Game of Thrones” scenario among the upper management. The question is: who will ultimately claim Iger’s throne?
Dana Walden, joint head of Disney Entertainment, continues to stand out as a key player, according to over a dozen industry insiders, competitors, and sources within Disney who spoke with EbMaster. In her role as the head of television at the company, Walden’s Emmy awards place her at the pinnacle of her field (Iger was seated next to Walden during the awards ceremony in Los Angeles). A shrewd executive with years of experience in talent management, Walden is regarded as a likely successor to Iger – an individual known for exuding a calm sense of excellence and placing a strong emphasis on creative endeavors. “Dana is intelligent and fully committed to this position,” says one influential figure in the entertainment industry who knows her well. However, Walden should not start making changes in Iger’s executive office just yet.
Walden lacks extensive background in managing parks, cruises, and the lucrative film divisions of Disney’s franchises. However, she has recently become involved in the ongoing election process; her close relationship with presidential candidate Kamala Harris garnered attention when ABC News moderated a debate between Harris and Trump last month. Lately, Disney has shown reluctance towards engaging in political conflicts, understanding that it must serve customers from Republican (red) and Democratic (blue) states alike.
Next is Josh D’Amaro, the neatly groomed leader of Disney parks, who may not be as famous as Walden yet, but boasts the practical knowledge that could attract board members and stockholders. Remarks were made about his self-promotion at the August D23 fan convention. During this event, he announced a new “Villain Land” for Walt Disney World, and the magic mirror from Snow White publicly acknowledged him on stage, praising upcoming attractions within Ursula’s (“The Little Mermaid”) and Maleficent’s (“Sleeping Beauty”) lairs. Some question his inexperience with Wall Street, but acknowledge that a knack for creativity is needed to design park content and oversee Disney’s renowned Imagineers.
“Anyone beyond Dana or Josh is probably a stretch,” says one top talent dealmaker. Yet others would not immediately discount Alan Bergman, Walden’s co-chairman of entertainment (who sat at Iger’s other arm during the Emmys). His movie studio is back on track in 2024, and his portfolio includes Disney’s most coveted brands — Marvel, Lucasfilm and Pixar. There’s also ESPN chairman Jimmy Pitaro, who has so frequently said he does not expect Iger’s job, some wonder if he doth protest too much. Hugh Johnston, Disney’s CFO, commands great affection from employees, but numerous insiders believe he’s not in the running for the top job.
As a movie enthusiast who appreciates diverse cinematic perspectives, I often ponder if the fierce competition within the Hollywood scene might not be the most productive use of resources, given that it’s dominated by global corporate culture.
One board member from a competing media conglomerate comments that the placement of James Gorman by the board suggests they are now ready to conduct a thorough search process. While no CEO can take office without the board’s consent, it’s well-known that Iger’s support carries significant weight.
According to one report, Iger is likely to support a candidate who upholds his legacy. Two individuals close to Iger’s thoughts confirm that he recognizes past mistakes in this process and is committed to finding the ideal successor. Furthermore, if a suitable CEO candidate is found before his contract ends, Iger is open to assuming an executive chairman position. This could potentially involve looking for an executive outside Disney’s current leadership within the company or beyond the Magic Kingdom.
Disney’s future lies in technology, gaming, and areas where younger audiences are increasingly interested. Navigating this path won’t be straightforward, especially for newcomers. The corporate landscape at Disney is complex, and a successful outsider will require not only political finesse but also sharp business acumen. One industry expert warns that bringing in an external hire could potentially lead to the departure of Walden or D’Amaro from the company.
According to the source, the new CEO should focus on Disney’s actual clientele. These are the individuals who will soon become parents, currently residing in maternity wards.
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2024-09-19 23:48