According to the WSJ, Disney is looking at external candidates to replace Bob Iger as Disney CEO in 2026. While statements previously indicated that the Board would do just this, this time, there’s reporting that they’re following through on that promise. Among the names being reportedly considered by James Gorman’s succession committee is EA’s Andrew Wilson. Presumably other names are being considered, and according to the report, Bob Iger inquired about how the Co-CEO setup was working at Netflix.
While I am excited about Disney looking at external candidates, it does not mean that I want the next Disney CEO to come from outside the company. I just understand that in order to have the confidence an internal option is the right choice. You don’t know if an option is right or wrong unless you effectively evaluate it.
Choosing Bob Chapek as CEO will likely go down as Bob Iger’s biggest blunder. According to information that has come out since, it is likely a more thorough process might have caught some red flags that would have avoided this folly. It is nearly impossible to fathom that there was not even a formal interview process or that they rushed to make the decision even after structural concerns arose.
Sometime in 2025, I will be making my endorsement for the next Disney CEO. But odds are that the Disney Board will make a better decision than I will. They will have the benefit of getting to know all of the candidates. It takes a lot of hubris, which I have committed to exhibit, to think that an external perspective will make the best call about Disney’s future.
Although I may not be the best person to pick, I know who would make a worse call: Wall Street analysts. Many of their favorite picks have floundered after leaving Disney. Convincing Wall Street that you have chops is a part of the Disney CEO role, but it is way down the list. Inspiring your team, creative insights, preventing internal divisions, humility to listen to others, and the wisdom to know when to ignore Wall Street are what I perceive to be the most important keys for success as Disney CEO.
While it may be possible for an external candidate to be the best choice, it is critical that they understand that being Disney CEO is a role unlike any other in media. The unique place The Walt Disney Company plays in our culture requires additional skills that are not necessary at Paramount or Warner Bros. The public facing legacy of Walt Disney has caused the Disney CEO to become a household name. While Iger got a standing ovation at D23, it is hard to imagine many folks being able to name any other entertainment company heads. Josh D’Amaro and Kevin Feige were the biggest celebrities at D23 Brazil. D’Amaro made being a public face on social media part of what it means to be a Disney Experiences leader.
So good luck to Mr. Gorman — whomever he and the Board pick, I just hope they will be a good custodian of an organization that is so much more than another publicly traded company.