Walt Disney Co DIS is expanding its search for a successor to CEO Bob Iger, considering external candidates as the company’s board, led by incoming Chairman James Gorman, aims to stabilize the succession process.
The move signals a shift from an internal competition among Disney’s top executives to a broader search, including external contenders such as Andrew Wilson, CEO of Electronic Arts Inc EA, the Wall Street Journal reports.
According to the report, Disney has partnered with executive search firm Heidrick & Struggles to evaluate potential external candidates, and at least two more contenders have been identified beyond Wilson.
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The decision comes as Gorman, set to take over as Chairman in January, pushes for a comprehensive review of candidates, signaling his intent to find the right leader to guide Disney beyond Iger’s tenure.
The company has announced it plans to finalize its choice for the CEO role by early 2026, delaying its previous timeline.
Wilson, who has previously discussed potential deals with Disney and even interviewed for a senior role at ESPN in 2018, remains a strong external contender.
Recent talks have also explored partnerships between Electronic Arts and Disney’s ESPN, although these discussions have yet to materialize into a deal, the report states.
The WSJ report says that internally, Disney had four key executives vying for the CEO role: Dana Walden, Alan Bergman, Josh D’Amaro, and Jimmy Pitaro. Each company manages significant areas of Disney’s business, from streaming to theme parks.
Last week, Disney launched the Office of Technology Enablement to drive AI and XR innovation across media and parks.
Jim Cramer showed interest in buying more Disney stock if it dips below $90, stressing the potential value of the company’s theme parks amid current challenges. Disney laid off 300 corporate employees in September, following earlier cuts of 140 staff in its TV division and 175 at Pixar this year.
The recent U.S. presidential election victory of Donald Trump has also introduced new uncertainties for Disney. Trump’s criticism of Taiwan and potential changes in trade policies could impact Disney’s strategic decisions, particularly regarding its international investments and partnerships.
Walt Disney Co stock gained over 10% year-to-date. Investors can gain exposure to the stock through SPDR S&P 500 SPY and iShares Core S&P 500 ETF IVV.
Price Actions: DIS stock is down 0.23% at $100.63 at the last check on Tuesday.
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