The Walt Disney Company announced Tuesday that Bob Iger will step down as CEO on March 18, ceding the top executive role to Josh D’Amaro, the current parks chief. This transition marks Iger’s latest planned exit from the company he has led for much of the 21st century. His previous retirement in 2020, which saw Bob Chapek take the helm, occurred just weeks before the global COVID-19 pandemic significantly impacted Disney’s operations and the broader entertainment industry. Observers are now scrutinizing the details of this new succession, particularly Iger’s stated intention to remain as a “senior advisor” and board member until the end of 2026.
Iger’s history with Disney leadership transitions is well-documented. Having first become CEO in 2005, he postponed his retirement on four separate occasions before his initial departure in February 2020. That handover to Chapek was abrupt, announced via a Friday afternoon press release, and occurred on the cusp of unprecedented global disruption. Disney’s revenue subsequently plummeted, and the company shifted from profitability to significant losses as parks and other public venues closed worldwide. Some analysts, including Ben Smith, then a media critic for The New York Times, publicly speculated whether Iger’s timing was prescient, given his extensive international ties and the early spread of the virus in Asia. Iger, at the time, dismissed such suggestions.
Even after stepping down as CEO in 2020, Iger maintained a significant presence, assuming the title of executive chair. This role, far from a mere honorific, positioned him as the company’s top executive, effectively superseding the CEO. The organizational structure reinforced this, with Chapek reporting directly to Iger, who also chaired the board of directors. Corporate governance experts, such as Charles Elson, noted that an executive chair often means the individual is still “running the show.” This arrangement persisted for nearly two years before Iger fully disconnected from Disney for a period. His return as CEO in late 2022, following the board’s decision to remove Chapek, underscored the unique influence he wields within the company.
The current succession plan, overseen by board chair James Gorman, the former CEO of Morgan Stanley, appears designed to avoid the turbulence of the previous transition. Iger’s contract extension, announced seven months after his 2023 return, already aligned with the newly declared timeline. However, the introduction of the “senior advisor” title for Iger, a role without a clear corporate precedent for a departing CEO, has prompted questions. While Disney has not yet provided a detailed definition of this position, its existence suggests a continued, albeit less direct, involvement from Iger.
Josh D’Amaro, Iger’s named successor, has been described by many as a protégé, often noted for a similar professional demeanor and even sartorial choices to his mentor. The relationship between the two is reportedly close. Yet, the necessity of a formal “senior advisor” role for Iger, when many outgoing executives coach their successors without requiring a new title, remains a point of discussion. The company faces a complex landscape, including evolving streaming economics, the impact of generative AI on creative industries, and persistent geopolitical and trade uncertainties.
Just as in 2020, this leadership change occurs amidst a backdrop of societal flux and economic uncertainty. While Disney’s Experiences division, which D’Amaro previously led, has shown relative stability, the broader enterprise navigates challenges from traditional media decline to regulatory pressures. The lingering question is whether Iger’s new advisory capacity is a genuine step towards full disengagement or if, given his past, it foreshadows another unexpected chapter in Disney’s ongoing leadership narrative.
