Bob Iger has told associates he plans to step down as chief executive of The Walt Disney Company before his contract expires on Dec. 31, setting in motion a closely watched succession process as the company navigates strategic and operational pressures across its media and parks businesses.
Disney's board is expected to meet at its Burbank headquarters next week to vote on a successor, according to people familiar with the matter, with the transition likely to include a period in which Iger remains to advise and mentor incoming leadership.
Iger's planned departure, while anticipated in broad terms, appears to be moving on an accelerated timeline, reflecting both personal considerations and ongoing internal tensions within the company, according to individuals cited by The Wall Street Journal.
Those familiar with his thinking say Iger is seeking to reduce his day-to-day responsibilities and devote more time to personal interests, including sailing his superyacht, Aquarius, and spending time with his wife, Willow Bay. The couple also co-owns Angel City FC, a professional women's soccer club, which is expected to become a greater focus after his exit.
At the same time, internal friction has weighed on the executive environment. Reports cited by The Wall Street Journal point to tensions within Disney's media divisions, including disputes at the ABC network related to the brief suspension of late-night host Jimmy Kimmel, as contributing factors behind Iger's decision to step back.
The succession process has narrowed to two leading internal candidates, both of whom have been closely involved in Disney's recent strategic repositioning.
- Josh D'Amaro, chairman of Disney Experiences, oversees theme parks, consumer products and gaming operations and is widely viewed as the front-runner.
- Dana Walden, co-chair of Disney Entertainment, leads television and streaming businesses and has been central to content strategy.
Both executives presented strategic plans to Disney's board in August, outlining their visions for navigating shifts in streaming economics, content production and global consumer demand.
The board, chaired by James Gorman, has adopted a more structured approach to succession than in prior transitions, with internal candidates undergoing extended evaluation and external advisory input.
A recent regulatory filing indicates the company intends to announce its decision within the current quarter, signaling a deliberate effort to avoid the leadership uncertainty that followed Iger's earlier exit.
Iger first stepped down in February 2020 after a 15-year run that transformed Disney through acquisitions and expansion into streaming. He handed leadership to Bob Chapek, a longtime deputy, but tensions between the two intensified during the pandemic as operational disruptions hit parks and media businesses.
The board ultimately reinstated Iger as CEO in November 2022, underscoring the challenges of leadership continuity at the company during a period of industry upheaval.
His upcoming departure marks a second attempt at succession, this time under closer board oversight and amid evolving market conditions, including shifting streaming profitability models, changing consumer behavior and renewed competition across global entertainment platforms.
