As Disney continues its painstaking search for Bob Iger’s CEO successor, insiders Dana Walden and Josh D’Amaro have emerged as frontrunners—but serious questions remain about both candidates. Disney’s board, led by former Morgan Stanley CEO James Gorman, has indicated it may delay its final decision until at least early 2026, perhaps due to mounting internal concerns and an uninspiring pool of external talent.
Delaying the decision until early 2026 has a practical effect. It has muted speculation about a topic that was becoming a distraction both internally and externally. Executives had been interpreting every decision by Walden or D’Amaro as part of a play to look good in front of Iger.
It also allows the board to fully own the decision.
— Lucas Shaw, Bloomberg
Dana Walden, Disney’s Entertainment co-Chair, seemed to have addressed one major concern recently: her perceived weakness with Wall Street. Her confident showing at a recent Morgan Stanley investor conference projected an air of corporate financial savvy. However, two key problems came out with the Walden appearance that may not be recoverable.
First, her comments on Disney’s supposed streaming success were extremely difficult to square with reality. It’s one thing to put on a good face for your company; it’s another entirely when you make a claim that 50% of the top streaming content is made by Disney… yet nobody can figure out what even one of those items might be.
Yet Walden faces a deeper, more politically sensitive obstacle that could significantly hinder her chances: her close relationship with Vice President Kamala Harris. At a time when tensions between Disney and President Donald Trump’s administration are already volatile, elevating Walden could risk exacerbating political friction. Walden’s close ties to Harris have already sparked private concerns among certain Disney insiders and board members, wary that a Walden-led Disney might find itself unnecessarily caught in political crossfire, further complicating an already delicate relationship with Trump’s administration.
Josh D’Amaro, currently leading Disney’s parks division, is often viewed by many as a likely candidate to become Disney’s CEO due to his strong standing within the company and his success in managing one of Disney’s most lucrative business units.
However, D’Amaro’s tenure overseeing Disney Parks has coincided with one of the most challenging periods in the company’s history. Some of these difficulties stem from external circumstances like economic downturns and pandemic recovery. Yet, many critics argue that Disney’s own controversial decisions under D’Amaro’s watch have significantly contributed to the parks’ recent turbulence. Under D’Amaro, Disney has seen falling revenues and announcements that were shockingly unpopular with the public.
We are not Imagineers, but we think we’ve found a clever way to squeeze Carsland in Magic Kingdom while keeping the Rivers of America. On our map, the River is shown in blue, available space for Carsland is in red. There may just be enough room tucked beyond Big Thunder to make…
— Parkeology (@Parkeology) March 15, 2025
Aggressive price hikes, changes to reservation systems, unpopular modifications to beloved attractions, and a growing perception that Disney Parks prioritize short-term revenue over customer satisfaction have tarnished the previously stellar reputation of this Disney division. The backlash has been pronounced enough to cause real hesitation among board members who fear these controversial decisions might follow D’Amaro into the Disney CEO role.
In light of the significant apprehensions about the main in-house contenders, Disney’s board is actively looking at potential external applicants.
According to Bloomberg, Electronic Arts CEO Andrew Wilson and Mattel CEO Ynon Kreiz have been speculated as possible alternatives, though neither has been formally interviewed. Kreiz, despite a prior Disney association through Maker Studios, departed under less-than-ideal circumstances, further complicating his potential candidacy. Likewise, Wilson’s extensive gaming background might appeal as Disney explores video game opportunities, but his lack of direct experience with a company of Disney’s sprawling diversity may give the board pause.
If you’re reading these names and feeling underwhelmed, welcome to the club…
Other potential Disney CEO candidates like Warner Music CEO Robert Kyncl, who is reportedly admired by Bob Iger himself, seem unlikely to pursue the role given existing commitments. Meanwhile, former Disney executives Kevin Mayer and Tom Staggs are no longer under consideration, shrinking the pool of viable external leaders who understand Disney’s unique corporate culture.
Losing both Mayer and Staggs from contention could be the most painful of the announcements from Bloomberg. Without their names even in the running, it’s beginning to look like Disney has no real succession plan even this deep into Iger’s departure. This is the problem with how Disney has been managed: the cult of Iger has led to a lack of viable transition personalities below him.
“Yes Men” and “Yes Women” don’t make for great options. And Dana Walden, who was seen as the heir apparent, was tarnished greatly once Harris lost the U.S. election.
Indeed, understanding and embodying Disney’s culture has been historically vital to any successful CEO. External candidates must quickly acclimate to the company’s distinctive corporate dynamics and its complex relationship with consumers—a difficult task that risks destabilizing an already vulnerable Disney.
Consequently, the extended timeline—originally surprising—now appears entirely rational.
Disney can ill-afford another failed succession attempt, given Iger’s well-documented struggles in grooming a lasting successor. Bob Chapek’s turbulent tenure in which he managed to reach heights the company has never seen before in stock value, followed by Iger’s “reluctant” return, remains a cautionary tale and a source of ongoing criticism. The board’s extended timeline, giving itself until at least 2026, suggests prudent caution rather than indecision. Frankly, one should not be surprised if the board extends this into 2027 given the lack of apparent nominees for the lead at the House of Mouse.
If Walden and D’Amaro fail to sufficiently address the concerns surrounding their nominations, the board might decide to postpone the choice further, emphasizing a carefully considered, long-term approach rather than rushing into a hasty decision.
In the meantime, pressure mounts—not primarily on Walden or D’Amaro, but squarely on the board itself. Led by James Gorman and supported by General Motors CEO Mary Barra and Lululemon CEO Calvin McDonald, the succession committee shoulders immense responsibility.
The final decision made by the board could significantly impact Disney’s future and possibly define its role in a divided America, given its magnitude, cultural relevance, and current political tensions.
Ultimately, Disney may decide that waiting is preferable to hastily selecting a compromised candidate. Given Walden’s political baggage and D’Amaro’s controversial parks record, patience may indeed be prudent. Disney can afford to wait until 2026—or even beyond—if it means securing the right leader, internal or external, to steward this legendary brand into its next era.
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2025-03-17 19:04