The Iger Succession
I know it seems like Bob Iger is never going to leave but that is only because he hasn’t. So why do I think he is?
Being the CEO of Disney used to be the best job in the world so far as he was concerned. Being the popular boss of the most beloved company in America which is also the number one company in movies, theme parks, and even sportscasting, is the dream of every business major in Hollywood. Why would he want to leave all that? Well because it’s none of those things anymore and everyone is blaming him for it. Being CEO of The Walt Disney Company kind of sucks these days. It’s dancing on a tightrope in the middle of a rotten-egg hurricane.
Time to step behind the throne.
He probably wants to do a Mark Parker (Nike) and become Executive Chairman of Disney but that isn’t going to be doable at a century-old company. Regardless, he will probably be doing that in function if not name. He allegedly wants to play at being the “retired Shogun.”
He also has a very pressing need to announce his choice for CEO before the deal with Hulu is completed. At this point Disney doesn’t have anywhere near the liquid capital to buy out Universal’s stake in cash, a huge part of the payment will have to be made in a stock transfer and that is very likely to hand the control of three maybe four seats on the board (depending on how low Disney’s stock price is at the time) to Universal. Universal does not at the moment believe in “Stakeholder Capitalism” (Commie Capitalism) and Bob’s wishes regarding succession are likely to be discarded. Brian Roberts is unlikely to have a lot of respect for Iger after having beaten him this thoroughly.
Iger also needs to be retired before Epic Universe opens in Orlando. At that point, Disney World will begin slipping into the once unthinkable number two spot. That can’t happen on his watch, even if he is the one that made it happen.
I know a lot of people are going to be saying, “But who would want that job after what happened to the last guy who had it?” A good question and here’s the answer, Bob Iger’s net worth is about $700 million. So long as you go into that job knowing what is expected of you, the price is low enough when measured against the rewards to be reaped.
The Three Commandments of Bob appear to be:
1. Protect Shanghai Disneyland, because that’s his legacy park. Show it most favored park status and you’re covered there.
2. Roll Hulu into Disney+ and keep D+ going even in the face of unmitigated disaster. So long as the new CEO keeps driving that cart into the ground even after the wheels have been sold on eBay, Bob will be happy.
3. Keep Disney in Burbank. Because Bob doesn’t want to move to Florida.
Do all that and keep saying ‘Yes, Bob,’ and you’ll be fine. Besides power goes with permanence. After you’ve been CEO for five years, you aren’t going to have to listen to that old man as much anymore. Or if China takes Taiwan and Shanghai Disneyland is nationalized or has to be dumped, Old Bob is going to have to make himself scarce.
So there’s plenty of reason to become CEO of Disney, even if you’re wearing the Bob Ball and Chain.
Disney is now down to four prince candidates for the Golden Mouse Throne. The first cut appears to have been made in 2023, Christine McCarthy suddenly left Disney for bullshit reasons. Latondra Newton left about the same time with the same explanation. There were a few lesser-known lights who departed then as well. This is something that frequently happens at Disney if a C-suite executive who is up for the job of CEO has been quietly informed, ‘Sorry, not you.’ It’s kind of a tradition at Disney. There was a bunch of guys that left when Bob Chapek got the nod. They probably regret it now.
So here are the semi-publicly acknowledged candidates.
James Pitaro Chairman of ESPN.
ESPN floats the entire company. That’s the truth of it. It is easily and by far the most profitable division in The Disney Company. If it wasn’t for ESPN, Covid might have sunk the whole thing. This is the only reason he’s being “considered” for the job. “The sports guy” isn’t going to be CEO of Disney, let’s just get that out there right now. He wouldn’t be terrible at it, truthfully far from it, but it’s way outside the company’s traditions. He’s a go-getter and he has a couple of seats on the board pulling for him but ultimately, he’s being used to pad the job interview log. No experience with either Parks or with Entertainment and that’s the death sentence.
Alan Bergman, Co-chairman of Disney Entertainment
His primary focus of effort is Disney Studios. He was promoted to Chairman of Disney Entertainment in 2020 before the Bobs had their falling out. Meaning Iger signed off on this promotion. Bergman is Hollywood’s favorite. He has a track record as a man who can work well with creatives, he oversaw the huge wins Disney had at the studios during the last decade. However, he has also overseen the box office disasters of the last eighteen months. The last time Disney had a billion-dollar movie was before he became chairman His tenure as sole chair proved to be disappointing enough that Iger appointed Dana Walden as his co-chair. Not exactly a ringing endorsement. He has no experience with the parks. If Disney is to have any real future as a movie company, he’s the only hope for it. And, Inside Out 2 is going to roar past a billion dollars before the end of its run. Dead Pool 3 might crack a billion too. However, it might be too little too late.
Josh D’Amaro, Chairman of Disney Parks and Experiences.
Disney World has been a money volcano for the Walt Disney Company since the day Michael Eisner took over as CEO. The last guy to have his current job got to be CEO (however briefly). It’s a high-profile position within the company in charge of several multi-billion dollar assets across the globe. But I’m afraid that’s the only reason he’s being considered. The parks have been battered in a way that they never have before. Covid shut them down for months. When the parks reopened they couldn’t get back a lot of the key cast members that had had to take on other work. There have also been a number of high-profile failures under his watch. Numerous ride breakdowns because of maintenance cuts. The refurbishment of Splash Mountain is universally hated. Park attendance has been dropping due to soaring prices and a diminished reputation. The quality of cast members has crashed since the lockdown. This is to say nothing of the high-profile failures of The Star Wars Galactic Starcruiser debacle and the HarmoniUS disaster.
None of these things were really his fault, they were all problems he inherited. But failure is never rewarded. Also, he has no experience with the entertainment division.
Dana Walden, (The Other) Co-Chairman of Disney Entertainment
Woke. As. Fuck. And she’s a woman. I could just end it there, it’s that obvious but here are her qualifications and honestly they aren’t terrible.
She’s been running the TV side of the entertainment division and aside from the disaster of Disney + she’s had quite a few successes. ABC has been the number one network for four years now and that’s a subject close to Iger’s heart. She also gets to take credit for Hulu’s wins. Granted that stuff was put in place by Keven Mayer but he’s not there anymore and she is. What do you think counts for more?
She had been the head of FOX, where she was very successful. Walden was brought in as part of the buyout, so of all the candidates, she’s been with the Walt Disney Company for the least amount of time, she has no experience with Parks and not much with the Disney Studios.
My prediction is that later this year Dana Walden will be promoted to President and COO of the Walt Disney Company and be publicly acknowledged as Bob Iger’s successor.
Truthfully, Iger signaled his preference a while back when Walden was sent to be Disney’s representative at the formal White House dinner for President Macron of France. There is no bigger prize in that social bubble. Crucially, she has connections to the Democratic party and Disney is nearly a subsidiary of it now.
She will be inheriting a crown of thorns. Unless she proves to be astonishingly brilliant, Dana Walden will be the CEO that presides over the Walt Disney Company’s inevitable decline. The damage is too deep at this point, the corporate cancer has eaten its way to the bone.
