Bob Iger Reportedly Plans to Step Down as Disney CEO, Succession Vote Imminent
According to a report by The Wall Street Journal, citing individuals familiar with the matter, Walt Disney chief executive Bob Iger has informed associates that he intends to step down from his role as CEO and gradually withdraw from day-to-day management before his current contract expires on 31 December. This development marks a significant transition for the global media and entertainment giant, which has faced intense scrutiny over its leadership succession plans in recent years.
Succession Planning Under Investor Scrutiny
The succession planning at Disney has remained a focal point for investors, particularly after the company postponed Iger's retirement multiple times. In a notable reversal, Disney brought Iger back in 2022 to replace his hand-picked successor, Bob Chapek, who was removed as chief executive following significant business disruptions caused by the pandemic. This move highlighted the challenges in maintaining stable leadership at one of the world's most prominent media conglomerates.
Board Meeting and Succession Vote Scheduled
The report indicates that Disney's board of directors is expected to convene next week at the company's headquarters in Burbank, California. During this meeting, board members are likely to vote on who should succeed Iger as chief executive, a decision that will shape the future direction of the company. The timing of Iger's departure, however, has not been finalised and could still be subject to change based on ongoing discussions and corporate needs.
Iger's Readiness to Move On and Internal Frustrations
In private conversations over the past few months, Iger has reportedly expressed to close associates that he is ready to move on from the demanding responsibilities of the CEO role. Additionally, the report notes that Iger was said to be frustrated by internal disputes at Disney's ABC network, particularly surrounding the brief suspension of late-night host Jimmy Kimmel. These insights, based on discussions with people who have spoken directly with Iger, shed light on the personal and professional factors influencing his decision.
Transition Plan and Potential Continued Involvement
Despite the impending transition, Iger is expected to remain in the CEO role for several months after the company announces his successor. This arrangement will allow him to mentor the incoming leader and ensure a smooth handover. Furthermore, the report suggests that Iger could retain a position on Disney's board and remain involved with the company even after stepping down as chief executive, indicating a phased withdrawal rather than a complete departure.
Potential Contenders for the Top Job
Several senior executives are being viewed as potential contenders to succeed Iger as Disney's next CEO. The list of candidates includes:
- Josh D'Amaro, head of Disney's theme parks division
- Dana Walden and Alan Bergman, co-chairs of Disney's entertainment segment
- Jimmy Pitaro, chairman of ESPN
These individuals represent key areas of Disney's diversified business portfolio, from theme parks and entertainment to sports media.
Iger's Previous Tenure and Compensation Details
Bob Iger previously served as Disney's CEO for 15 years before initially retiring at the end of 2021, when Chapek took over. His reinstatement in November 2022 came amid mounting challenges for the company, underscoring his perceived value to the organisation. In terms of compensation, Iger's total package for 2025 amounted to $45.8 million, reflecting an increase of 11.5%. This included:
- $21 million in Disney stock awards
- $14 million in stock options
- $7.25 million cash bonus
- $2.59 million in other compensation, covering security and personal air travel
Upcoming Board Re-election and Corporate Praise
Iger is also up for re-election to Disney's board at the company's 2026 annual shareholders' meeting, scheduled to be held virtually on 18 March. He will stand for a one-year term, potentially maintaining his influence within the company's governance structure. In its proxy statement, Disney praised Iger's leadership, highlighting his "unmatched knowledge of the Company and the creative content it produces" and his "in-depth understanding of fostering innovation through technology and connecting to audiences in our markets around the world."
When contacted for comment, Disney declined to provide any statements, according to Reuters, leaving the report as the primary source of information on this developing story. As the media industry watches closely, the outcome of the board meeting and the selection of a new CEO will be critical steps in Disney's ongoing evolution under new leadership.
