For fifteen years, The Walt Disney Company was run by beloved CEO Bob Iger. Iger took the reins in 2005 and was responsible for skyrocketing Disney to the top of the theme park and entertainment charts. Not only was Iger responsible for the creation of the Shanghai Disney Resort, but he was also behind the acquisition of Pixar Animation Studios, Marvel Studios, and Lucasfilm.
For most of his tenure, the company thrived, and fans were happy. The theme parks were constantly growing and improving, and even though Disney vacations weren’t cheap, guests thought they were worth it.
In February 2020, Iger announced that he would step down as CEO and be replaced by Disney Parks Chairman Bob Chapek. However, Iger didn’t completely step away, remaining with Disney and serving as Executive Chairman and Chairman of the Board of Directors.
Unfortunately, the Chapek years were nothing like the Iger years and the company is still recovering from the damage done.
Just one month into his time as CEO, Mr. Chapek had to deal with the devastating effects of the COVID-19 pandemic. He was forced to shutter all Disney theme parks and halt every film and television show in production. No CEO had ever had to deal with such a massive blow, but that was only the tip of the Chapek iceberg.
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Chapek was CEO of Disney for less than three years, during which time Disney stock reached an all-time low, along with guest satisfaction. The theme parks became more expensive than ever, while things like the free FastPass system and the complimentary Magical Express were eliminated.
Instead of focusing on how to improve the company and keep guests happy, Chapek worked on giving himself more power and filling the major roles with his loyalists. When it came to the theme parks, he became known as a guy solely focused on cutting costs and raising prices, not caring about the guest experience.
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While Chapek was in charge, his relationship with Bob Iger deteriorated to the point that the two men would barely acknowledge each other if they were in the same room. A bombshell report revealed that Bob Iger was telling those closest to him that appointing Bob Chapek as his successor was one of his “worst business decisions.”
Bob Chapek was officially fired by Disney’s Board of Directors in November 2022, after less than three years in charge. He was immediately replaced by Bob Iger, who was thrilled to step back into the role he knew so well.
Originally, Mr. Iger was supposed to remain CEO through the end of 2024. However, in July 2023, that contract was extended through the end of 2026. The plan was to give Iger time to put the company on a positive path and find the perfect person to replace him. Sources claimed that Iger felt forced to appoint a successor the first time and picked Chapek at the last minute.
Related: Fired Disney CEO Bob Chapek Rips Bob Iger’s Plans For Company
Iger is reportedly determined not to make the same mistake twice, and is admittedly “obsessed” with finding a successor.
“I think it would be safe to assume that I think about this all the time. I could say that I’m obsessed with it would be probably an understatement and actually, the board and I established when I returned that that would be among our biggest, if not our biggest priority,” he told SiriusXM’s “Let’s Talk Off Camera with Kelly Ripa” on Wednesday.
“It’s actually something that I’m obviously very focused on, not just because of the past, but because I’d like to retire again and I’d like to leave the company in great hands, and that is my intention,” Iger added.
Iger has remained very tight-lipped about who his top choices are to take over once he finally retires. But multiple sources have indicated that he has a short list, and we know most of the people on it. Mr. Iger is reportedly considering four internal candidates for the role — current Disney Parks Chairman Josh D’Amaro, Disney Entertainment co-chairs Dana Walden and Alan Bergman, and ESPN Chairman Jimmy Pitaro.
There are some who believe Iger will make his decision well before the 2026 deadline. Disney also just announced that James P. Gorman has been chosen to chair the Succession Planning Committee and find Mr. Iger’s perfect replacement.
Who would you like to see take over for Bob Iger? Let us know in the comments!
Michael Eisner