Well it’s about that time again folks — Disney is dusting off its favorite boardroom drama: Who Wants to be the Next CEO? Spoiler alert: Bob Iger still hasn’t left the building.

(Source: Giphy) 

In short, the Mouse House just tapped James Gorman to take over as chairman of the board, replacing Mark Parker in January 2025. Gorman, fresh off his stint as Morgan Stanley’s CEO, joined Disney’s board less than a year ago and has already been handling the dumpster fire known as Disney’s succession planning committee. His job? Find someone — anyone — who can finally replace Bob Iger.

(Source: AP) 

Now the interesting thing here is that they’re not planning to announce the new boss until early 2026. Meaning, shareholders have been blessed with another two years of corporate suspense before we find out who gets the keys to the Mickey’s ClubHouse. The reason? Apparently, the board wants to do their “due diligence” on both internal and external candidates. Translation: they’re trying to avoid another Bob Chapek situation. 

You see, for those who missed Disney’s last season of corporate drama, let’s recap. Iger had his first retirement party back in *checks notes* 2020, passing the torch to his handpicked successor, Bob Chapek. Obviously as we all know, that didn’t go so well. Chapek’s tenure was marred by PR disasters, strategic flubs, and a power struggle with Iger himself. Just three years (and one global pandemic) later, Chapek got the boot, and Iger was back in the CEO chair faster than you can say “Woke”.

(Source: Giphy) 

So now, with Iger’s contract extended through 2026 — his fifth extension, by the way — Disney is once again looking for the “right” person to lead the company into its streaming-dominated future. Four internal candidates are already in the running: Dana Walden (Disney’s TV queen), Josh D’Amaro (the theme park guy), Alan Bergman (movie chief), and Jimmy Pitaro (Mr. ESPN). But the board is also keeping one eye on external candidates, just in case none of the homegrown talent fits the bill.

(Source: New York Times) 

Which is why, ding ding ding, James Gorman is stepping into the chairman role with a clear mandate: don’t f***k this up. Especially since Gorman isn’t new to this whole succession thing. For instance, he oversaw a smooth transition at Morgan Stanley earlier this year, so he’s got the chops. But Disney’s a different beast. Streaming wars, declining linear TV, theme park woes, and a Hollywood that’s still licking its wounds after strikes… It's no secret that Gorman’s got his work cut out for him.

In addition, let’s not forget the looming shadow of activist investor Nelson Peltz, who’s been vocal about Disney’s ludicrous succession planning. Peltz tried (unsuccessfully) to bully his way onto Disney’s board earlier this year, criticizing the whole “Iger can’t seem to actually retire” situation. 

(Source: Variety) 

For this reason, as Disney’s succession process drags on, Wall Street is going to be watching Iger like a hawk. Sure, Iger says he’s “definitely” leaving this time when his contract expires at the end of 2026, but we’ve heard that tune before (think: Iger is to Disney as Brett Favre was to the Packers). In fact, people are already speculating that Iger might stick around as chairman after the new CEO is announced. After all, why walk away when you can pull the strings from behind the curtain?

(Source: Giphy) 

On the other hand, there’s also the question of whether Disney will go for a single CEO or pull a Netflix and try the co-CEO route. With four internal candidates vying for the top spot, it wouldn’t be a shock if Disney hedges its bets and doubles up. Whatever happens, the next couple of years are sure to be filled with more backroom tension than your average episode of Succession.

So while we all await to get any clues on who the frontrunner is, or whether Iger will throw everyone a curveball, it’s safe to say expect some uncertain volatility in share prices in the future. Meaning, while Disney is up 16% over the past 12 months, things can go haywire fast -  so make sure your Donald Ducks are in order in case sh*t ends up hitting the fan… unexpectedly. 

(Source: Giphy) 

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Stocks.News holds positions in Disney as mentioned in the article.