As Bob Iger moves closer to the end of his current tenure, Disney’s long-running CEO search is entering its most revealing phase. While much of the public conversation has focused on who will replace Iger, a quieter—and arguably more consequential—question is taking shape behind the scenes: what happens to the executives who don’t get the top job?
Recent industry chatter suggests the answer may be more complicated than a traditional win-or-lose outcome. In fact, Disney’s succession plan could result in one executive holding enormous influence across the company—even without the CEO title.
The race may not end with a single winner
The Disney CEO discussion has largely centered on two internal candidates: Josh D’Amaro, who oversees the parks and experiences division, and Dana Walden, co-chair of Disney Entertainment.
D’Amaro is often viewed as the frontrunner, largely because of the parks’ steady performance and his popularity with cast members and guests. Walden, meanwhile, controls the creative heart of Disney—film, television, and streaming—at a time when content decisions can make or break the company’s future.
What’s becoming clear, however, is that Disney’s board may not be approaching this as a traditional succession where one person rises and the rest step aside. Instead, there’s growing belief that whoever doesn’t become CEO could still walk away with expanded authority and a broader mandate.
Power without the CEO title
If D’Amaro ultimately takes the CEO role, the company would be led by someone whose background is deeply rooted in operations and guest-facing businesses. That shift alone would be significant. But it may not come at the expense of Walden’s influence.
The prevailing expectation is that Walden would remain at Disney and could be elevated into a role that gives her sweeping control over content strategy across studios, television, and streaming. In practical terms, that would place Disney’s most valuable intellectual property firmly under her oversight.
That kind of structure could create an unusual dynamic: a CEO focused on experiences, growth, and operations, alongside a content executive with immense creative authority. Titles aside, both would shape Disney’s direction in fundamental ways.
Why Disney might choose this path
From Disney’s perspective, this approach makes sense. The entertainment industry has consolidated rapidly, and there are fewer high-level executive roles available than there once were. Losing a leader like Walden would be a major risk—especially when Disney is still navigating the future of its franchises, streaming strategy, and theatrical slate.
By expanding her role instead of pushing her out, Disney preserves institutional knowledge while avoiding the appearance of internal upheaval. It also allows the board to hedge its bets by distributing leadership responsibilities rather than concentrating them entirely in one office.
A legacy-defining moment for Bob Iger
This succession process may end up being one of the most important decisions of Iger’s career—not just because of who replaces him, but because of how power is structured afterward.
Disney has said it plans to announce its next CEO in early 2026. When that happens, the real story may not be the name in the headline. It may be the realization that Disney’s future will be shaped by more than one dominant voice at the top—and that the most powerful executive may not be the one with “CEO” on their business card.
