Disney seeks new CEO following Bob Iger's return

Disney is looking for a new CEO to succeed Bob Iger, who has been crucial to the company’s success over the past two decades. Iger returned as CEO in 2022 after a challenging period for Disney, marked by financial difficulties and management conflicts. Despite the urgent need for a new leader, Disney did not provide updates on its CEO search at its recent shareholders meeting. Disney created a succession planning committee in 2023 to find Iger's replacement. James Gorman, the Executive Chairman at Morgan Stanley, is leading this effort. He mentioned in a January letter that the committee has made considerable progress and is committed to a smooth leadership transition. Iger’s contract has been extended to the end of 2026, giving the company time to search for the right candidate. The search for the next CEO includes potential candidates from both within and outside Disney. Internal candidates are being mentored by Iger and are engaging with the company's board members. Notable internal candidates include Jimmy Pitaro from ESPN, Josh D'Amaro from Disney Parks, and Alan Bergman and Dana Walden from Disney Entertainment. These executives have become more visible recently, which may indicate their standing in the succession race. Experts believe that an internal candidate may be the best choice due to the unique nature of Disney's business. With its focus on theme parks, films, and streaming, finding an external candidate who can handle all these aspects is challenging. Both Walden and D'Amaro have significant experience that could make them strong contenders. Meanwhile, Disney has recently seen positive results, with successful movies and subscriber growth for its streaming services. Iger announced new projects, including a sequel to "Coco" and upcoming seasons of popular TV shows. Shareholders also discussed various growth initiatives at the meeting, including updates on ESPN’s new direct-to-consumer offering and expansions at Disney parks. In addition, shareholders voted against a proposal to withdraw from the Human Rights Campaign’s Corporate Equality Index, which focuses on workplace inclusion for LGBTQ employees. The vote was overwhelmingly against the proposal, reflecting the company’s commitment to diversity and inclusion initiatives.