Who Will Be Disney's Next CEO? Hunt For Bob Iger's Successor Accelerates As Boardroom Drama With Activist Investor Settles Down

The search for a new CEO at The Walt Disney Company DIS has intensified, following the end of a protracted proxy battle with activist investor Nelson Peltz.

What Happened: Disney’s board has repeatedly delayed decisions regarding Iger’s successor, pushing back his retirement date on five occasions, Reuters reported on Thursday.

However, ahead of Wednesday’s shareholder vote, board members reassured investors that they are now earnestly considering both internal and external candidates for the position.

Industry insiders this week have singled out Disney Entertainment Co-chairman Dana Walden as a top contender. Other potential successors include Disney Experiences Chairman Josh D'Amaro, ESPN Chairman Jimmy Pitaro, and Disney Entertainment Co-Chairman Alan Bergman.

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Michael Nathanson, a media analyst at MoffettNathanson, emphasized the need for a comprehensive selection process, stating, “This has to be done better than last time, obviously. They have four good candidates and they all have different skill sets. They’re going to test everyone.”

In 2022, Disney brought back Iger in a crisis move to stabilize the company after his selected successor, Bob Chapek, faced significant challenges. The decision to recall the former CEO was criticized as indicative of a flawed succession process.

While the board is reportedly leaning towards an internal candidate, potential external contenders could include Candle Media co-CEO Kevin Mayer, a former Disney executive. However, no external candidates have been confirmed as of yet.

Why It Matters: Disney’s recent victory in the shareholder vote against activist investors at its annual meeting has put the spotlight back on the CEO succession issue. This comes on the heels of a prediction by Bank of America of a 20% upside for Disney’s stock as Iger’s turnaround strategy starts to show results.

The boardroom battle at Disney was not aimed at Iger, but at holding the board accountable, according to Ken Squire, founder and president of 13D Monitor.

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