Disney CEO Bob Iger Remains Tight-Lipped On Successor, But Assures 'Smooth Transition'

Walt Disney Co DIS CEO Bob Iger was questioned about his succession plans during the second-quarter earnings call, to which he gave a vague response.

What Happened: On Tuesday, during the earnings call, Kannan Venkateshwar from Barclays, asked Iger about his succession plans saying, “Could you talk about what your goal is in terms of the hand-off? What do you hope to achieve in your tenure before the next CEO takes over.”

In response, Iger did not divulge much information but said that the board is heavily engaged in the process, and he expects a smooth transition.

“The board is heavily engaged in the process and has appointed a succession planning committee that is meeting on a regular basis to not just discuss, but also to manage the process,” Iger said, adding, “I’m confident that they will choose the right person at the right time. And that to the extent that I can, we’ll participate in a smooth transition.”

See Also: Bob Iger Started As A Nobody At ABC For $150 A Week And Rose To Become Disney CEO: 5 Lessons From His Incredible Journey That Can Help Advance Your Career

Why It Matters: The succession of Iger has been a topic of intense speculation and discussion. The search for a new CEO at Disney has been a long and drawn-out process. The board had repeatedly delayed decisions regarding Iger’s successor, pushing back his retirement date on five occasions.

However, following the end of a protracted proxy battle with activist investor Nelson Peltz, the search for a new CEO had intensified.

Industry experts have identified Dana Walden, co-chairman of Disney Entertainment, as a leading candidate. Other individuals considered for succession include Josh D’Amaro, chairman of Disney Experiences, Jimmy Pitaro, chairman of ESPN, and Alan Bergman, co-chairman of Disney Entertainment.

Iger resumed his role as Disney’s CEO in November 2022, after previously holding the position of CEO and chairman from 2005 to 2020. Subsequently, he served as the executive chairman and chairman of the board until 2021.

In 2020, Iger was succeeded by Bob Chapek, with whom he reportedly had a huge rift because of the CEO office at Disney headquarters. According to reports, the CEO’s office held one particular feature that made Iger hesitant to pass it on to Chapek: a private shower originally installed for former Disney CEO Michael Eisner.

Reportedly, Iger informed Chapek that he valued his “two-shower days” lifestyle and was adamant about retaining the office. Eventually, Chapek acquiesced to Iger’s choice, considering his new role as executive chairman, and relocated to a smaller office on the same floor at Disney headquarters in California.

Meanwhile, Disney reported a 1% year-on-year revenue increase, reaching $22.08 billion, slightly below the anticipated $22.11 billion. However, its adjusted EPS of $1.21 surpassed expectations set at $1.09.

Photo by Fred Duval on Shutterstock.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.