The search for Disney’s next CEO has been in turmoil as activist investors seek seats on the company’s board, with Hollywood insiders saying they are considering a potential candidate when Bob Iger is scheduled to retire in 2026. I’m skeptical that anyone is ready.
The Mouse House has named billionaire Nelson Peltz and his company Trian Fund Management, who are seeking two seats on the board, in a fierce proxy battle that will culminate in Wednesday’s annual shareholder meeting. I’m thinking of dodging it.
Now the heat is on to get the plan right – and Disney’s opaque succession plan is playing into the hands of activists: Critics say Iger’s return to Disney CEO in late 2022 could mean 2 Bob Chapek, his own hand-picked successor, points out that this is an attempt to undo the damage caused by years of volatile business crisis.
One of the front-runners in the race, Dana Walden, the highly regarded head of Disney’s television division, will become the first female CEO in Disney’s 100-year history, sources said. This move gives the impression of turning a page from the Eiger era.
“Danna [Walden] is a real player,” the studio executive said, praising the TV head’s relationship with the talent and calling her a top candidate.
Another source close to Walden said, “She would be the most Hollywood and entertainment industry friendly.” “She’s a Hollywood deep state insider, born and raised in Studio City and vacationing with other TV moguls.”
Nevertheless, the 59-year-old former chief executive officer of Fox Television Group said he was “leading a global company of 250,000 employees with complex financial, strategic and geopolitical challenges. He has almost no qualifications to run a business,” the official added.
In fact, some insiders are frankly hoping the 73-year-old Iger gets one more contract extension before he hangs up his mouse ears for good. Representatives for Disney, Eiger and Walden had no comment.
“I wouldn’t be surprised if he stayed,” a Disney official said of Iger. “He’s ageless, and there aren’t many people in the company who are ready to replace him.”
But people close to Disney noted that Mr. Walden’s experience is similar to that of Mr. Iger before he was named CEO.
In addition to Walden, the company reportedly named three other internal candidates for president: ESPN’s Jimmy Pitaro, theme park chief Josh D’Amaro and film director Alan Bergman. The company is also considering promoting him to chief operating officer. reported by bloomberg Early this month.
Mr. Iger will name a successor and help train them before he retires in two years. CNBC reported on monday. But a former Disney executive said the move is “classic Disney” and doesn’t necessarily mean any of the four will take the top spot, nor does it mean Iger won’t extend his contract for another term. Stated.
“This is Disney’s succession strategy. [Former CEO Michael] Mr. Eisner appointed Mr. Iger as president and chief operating officer.Made by Eiger [chief financial officer Tom] Mr. Staggs resigned as COO and we subsequently fired him,” the person said, adding that promoted executives would be given “time to be coached, tested and removed if necessary.”
Mr. Staggs has resurfaced as a potential successor, as has Kevin Mayer, a partner at media company Candle Media who ran Disney’s streaming operations, people familiar with the matter said. Mr. Mayer was also replaced by Mr. Iger, and Mr. Capek took over. Mayer left Disney shortly thereafter.
Two people close to Mr. Iger told the Post that Mr. Iger is adamant about retiring in 2026, a sentiment that is all too familiar to both men. He added that he could hear it. Iger was originally scheduled to retire in 2015, but his contract was renewed four times before handing over the reins to Capek.
“It’s really hard to know what Bob is thinking. He’s a very disciplined business executive,” a source told the Post. “He felt he had to do it because he failed to succeed to the throne last time.”
“He says, ‘I want to leave.’ I’m tired. I’m miserable and it’s not fun,” the source continued. “Maybe. Or does he want to stay there forever? I don’t know because he’s said that to me before. He said, ‘I wanted to leave, but he stayed.’ ”
Mr. Iger’s wife, Willow Bay, dean of the University of Southern California’s Annenberg School of Communication and Journalism, just renewed his five-year contract, but Mr. Iger is not one to enjoy long stretches of free time, people familiar with the matter said. Ta. After all, most people believe that no one can do the job quite like Iger, and that anyone who tries will probably fail.
A source said, “It’s like chasing Michael Jordan.”
Officials said D’Amaro is a strong candidate because he has essential experience running Disney’s vital parks, experiences and merchandise businesses.
A Disney official said of Chapek, “He started out as a park official.” “It didn’t go very well, but that doesn’t mean park officials as a group are terrible executives and can’t run the Walt Disney Company.”
Another Disney official said the “popular and friendly executive” may have deep “work experience” but little creative experience.
“He’s Capek 2.0,” the source deadpanned. “He doesn’t know anything about Hollywood or the entertainment and sports businesses that make up more than two-thirds of the company.”
Sources close to Disney disputed that D’Amaro lacked creative experience, citing his work in the Disney Imagineering program.
Mr. Bergman, the company’s chief financial officer, may also struggle to be seen as a credible candidate, with insiders describing him as “unlikeable, completely uncreative” and “a trivial person.” ” is called.
Meanwhile, Pitaro has been successful in operating three segments of the company: digital, consumer products, and now ESPN. Despite his extensive senior leadership experience and acumen for working with talent to close big deals, he is “not considered a visionary or big-picture strategist.” the official said.
“I think he’s been stereotyped as an athlete, and I don’t think he’s seen as CEO material at Disney, whatever that means,” the source said.
Ahead of Wednesday’s big meeting, Tryon won seats on the board for Peltz and former Disney chief financial officer Jay Laszlo, giving him an active role in selecting the Mouse House’s next CEO. We have been lobbying for this to happen.
A person close to Tryon told the Post that Disney’s board of directors has remained unchanged since Chapek was chosen as CEO. He added that the special committee overseeing succession planning needed to spend “quality time” with the four candidates.
“These things take time. Having Nelson and Jay involved in the process will ensure that internal candidates are vetted,” said a source close to Tryon, adding that the process will be more effective than external candidates. He pointed out that it should be open to all.
Mr. Tryon declined to comment.
Influential proxy advisory service ISS backed Mr. Tryon, citing “strategic mistakes” that led to Disney’s past failed CEO changes, and said Mr. Peltz’s “significant experience on other boards” ‘ would be helpful, he added.
Proxy advisers Egan Jones and Glass Lewis have also backed Tryon, and Iger and Disney have received public support from George Lucas, Laurene Powell Jobs and several members of the Disney family. is recieving.
Mr. Iger and the Disney board botched the company’s response to Gov. Ron DeSantis’ so-called “Don’t Say I’m Gay” bill, botched negotiations with Hollywood star Scarlett Johansson and inflated prices, Chapek said. They are confident that they will avoid choosing him anew. At a Disney theme park.
Regardless of what is decided on Wednesday, the stakes are high, not just for Disney but for Hollywood as a whole, according to sources familiar with the matter.
“Disney is really important to us as an industry,” said the CEO of a rival media company. “Industries are like rivers. When an industry is doing well, it flows with you. As much as we are competitors, we need the industry to come together and act.”
Those key factors could mean Mr. Iger remains at the helm of Disney for years to come, the people added.
“I think he will stay,” the executive said with a smile.
