Activist investor Nelson Peltz is criticizing Disney’s recent choice of Josh D’Amaro as CEO, and he’s being very direct and forceful in his disapproval.
Peltz directly criticized the choice of successor, implying it wasn’t about what was best for the company, but rather a way to ensure Bob Iger continued to have influence from behind the scenes.
“I didn’t think there was any choice, because Iger needs a reason to stay on,” he said.
I was reading an interview with Nelson Peltz in The Wall Street Journal, and he was talking about Disney finally revealing its plan for the future. Apparently, when Bob Iger’s contract is up in late 2026, Josh D’Amaro will take over as CEO, and Iger will move into more of a mentor and board member position. It’s been a long time coming, and it’s interesting to see how Disney is setting things up for the next chapter.
However, Peltz is concerned that the way the company is changing leadership raises doubts about who will ultimately be in charge.
A Calculated Succession?
Nelson Peltz claimed Disney’s board intentionally didn’t hire an experienced film or entertainment leader to avoid having to clearly define Bob Iger’s future role and potentially force him to leave.
According to Peltz, if the person currently overseeing entertainment were to become CEO, there would be no reason for the current CEO to remain in their position.
Jeff D’Amaro comes from Disney’s parks and consumer products side of the business, which has been the company’s strongest and most reliable performer lately. He doesn’t have a background in Disney’s movie or TV divisions.
To Peltz, that difference isn’t incidental. It’s strategic.
“Doesn’t Know Anything About the Movie Business”
Peltz also anticipated how Iger would ultimately describe their working relationship after the changeover was finished.
Peltz believes Iger will ultimately say D’Amaro lacks experience in the film industry, justifying Iger’s continued leadership role.
Peltz seems to think Iger will use D’Amaro’s limited experience with running a studio as a reason to continue heavily influencing the company’s choices.
And he made it clear he’s confident in that forecast. “
Watch that post,” he said. “Okay, see if I’m wrong.”
Proxy Battles and a Long-Running Feud
For years, Nelson Peltz has openly criticized Disney’s leadership and how they plan for the future, even launching two attempts to gain a seat on the company’s board.
During his campaigns, he often criticized Disney for not having a clear plan for who would take over as CEO. This became especially apparent when Bob Chapek was suddenly fired and Bob Iger had to step back in to lead the company again.
From Peltz’s perspective, the D’Amaro appointment doesn’t resolve that concern — it reinforces it.
The Board’s Position
Disney’s board, however, has presented a very different rationale for selecting D’Amaro.
The succession committee, headed by chairman James Gorman, considered several people within the company to take over, such as Dana Walden and Alan Bergman, who co-lead the entertainment division, and Jimmy Pitaro, who runs ESPN.
Gorman highlighted D’Amaro’s strong leadership, his plans for growing Disney parks worldwide, and his ability to collaborate across different parts of the company as the main reasons for the decision, explaining that these skills fit well with how Disney is changing as a business.
However, that explanation hasn’t satisfied critics like Peltz, who still believe the changes aren’t complete as long as Iger holds a position of power.
The Iger Factor Still Looms
According to the existing plan, Bob Iger will leave his position as CEO in March 2026. He will then become a senior advisor and remain on the company’s board, if shareholders approve.
This setup – often seen when companies change leadership – is exactly why some activist investors are concerned, as they believe it can create confusion about who’s in charge.
Peltz believes the current situation leaves the CEO with the title but not the real authority, as strategic decisions still primarily come from Iger.
A Leadership Test Ahead
Whether Peltz’s prediction proves accurate remains to be seen.
Bob D’Amaro is taking over Disney while the company faces significant hurdles, including making its streaming services profitable, improving studio results, expanding its parks, and strengthening its brand image.
The question isn’t just whether he can lead.
It’s whether he’ll be allowed to lead independently.
If Peltz is correct, the true measure of Disney’s plan for the future won’t be about D’Amaro’s new role—it will be how much control Iger still has after he’s expected to step down.
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2026-02-08 20:58