The Walt Disney Company is quietly preparing to name its next chief executive in early 2026, marking what the board hopes will be the final chapter in a succession saga that has spanned nearly two decades and multiple aborted handoffs. This comes as Bob Iger has spent almost 20 years as CEO with a short break a few years ago.
Bob Iger, who first became CEO in 2005 after a shareholder uprising forced out Michael Eisner, has extended his tenure five times and outlasted several presumed heirs. His most recent return came in November 2022, when the board abruptly ousted his hand-picked successor, Bob Chapek, after less than three years and brought Iger back in a late-night decision that stunned the industry.
This time, the company appears determined to avoid another public misstep. Disney’s board, now chaired by former Morgan Stanley CEO James Gorman, has spent much of 2025 running an intensive internal search designed to produce a clear winner and keep the rest of the senior leadership team intact.
Two executives have emerged as the clear front-runners: Josh D’Amaro, chairman of Disney Experiences, and Dana Walden, co-chair of Disney Entertainment. Both met individually with the full board over the summer at Walt Disney World in Orlando, presenting detailed visions for the company’s future according to a report form the Wall Street Journal.
D’Amaro, a 27-year Disney veteran, oversees the company’s largest and most profitable division, encompassing theme parks, consumer products, cruise lines, and an expanding gaming portfolio. Under his leadership, parks and experiences have become the financial backbone of Disney as linear television revenues have eroded and streaming services continue working toward sustained profitability. He has supervised multiple rounds of ticket and merchandise price increases while maintaining strong guest satisfaction scores and spearheaded a $1.5 billion strategic investment in Epic Games, the creator of Fortnite, signaling his belief that gaming and interactive entertainment must play a larger role across Disney’s ecosystem.
Walden, who joined Disney through the 2019 acquisition of 21st Century Fox, is widely regarded as the company’s most seasoned creative executive. She shares responsibility for Disney’s film and television studios, streaming platforms, and advertising sales. Supporters point to her track record steering hit content that feeds every corner of the company, from theatrical releases to Disney+ originals, and her deft handling of high-stakes talent and distribution relationships.
Other senior leaders are no longer viewed as serious contenders. Film chairman Alan Bergman works closely with Walden and is not expected to be elevated. ESPN president Jimmy Pitaro has told colleagues he is content in his current role and lacks broad experience in parks or scripted entertainment.
To minimize turnover after the decision, Disney has already extended contracts for its general counsel, chief financial officer, and heads of communications and human resources through 2027–2029. Discussions are underway to lengthen deals for other direct reports to Iger, with potential new titles, expanded duties, and richer compensation packages for those who remain in supporting roles.
The incoming CEO is expected to serve an apprenticeship period alongside Iger before fully assuming the position, a transition structure the board believes will ease the handoff. Iger’s current contract expires in December 2026.
Whoever ultimately takes the reins will inherit a company in the midst of profound change: a $60 billion decade-long expansion of its domestic and international theme parks, fierce competition across streaming platforms, pressure to revitalize Marvel and other film franchises after recent underperformance, and the continued decline of traditional television networks.
After years of succession turbulence that twice roiled the stock price and dominated headlines, Disney’s leadership is signaling that the next announcement will be deliberate, drama-free, and decisively final. Wall Street and Hollywood will find out early next year whether the Magic Kingdom has finally turned the page.
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