The world's most famous entertainment company is about to get a new leader. Disney's board has confirmed it will announce Bob Iger's replacement in early 2026, setting up what may be the most consequential CEO transition in the company's 102-year history.

Iger, who returned from retirement in November 2022 after the board fired his handpicked successor Bob Chapek, has been running the company on borrowed time. His current contract expires December 31, 2026. But the announcement will come months earlier—potentially within weeks—to allow for a smooth transition.

The Leading Candidates

Four Disney executives report directly to Iger, and all four have interviewed with the board's succession planning committee. But two names have emerged as the clear frontrunners:

Josh D'Amaro, Chairman of Disney Experiences

D'Amaro runs Disney's theme parks, cruise lines, and consumer products—the division that generates approximately 60% of the company's operating profit. He's considered the favorite for several reasons:

  • His division's financial performance has been exceptional, with parks consistently exceeding expectations
  • He has deep operational experience, having run both Disneyland and Walt Disney World
  • His background spans merchandising, retail, and hospitality—diverse experience for a company with varied businesses
  • He's seen as a decisive operator who can make hard calls

Dana Walden, Co-Chairman of Disney Entertainment

Walden oversees Disney's content engine—the studio, television, streaming, and related businesses. Her credentials are equally impressive:

  • She came to Disney through the Fox acquisition, where she built an outstanding track record in television
  • Her content leadership spans Disney+, Hulu, the ABC network, and film studios
  • She's navigated the streaming transition, one of the most complex challenges in entertainment
  • She's known for strong relationships with creative talent

The Other Contenders

Two additional executives remain in the running, though they're considered longer shots:

Alan Bergman, Co-Chairman of Disney Entertainment

Bergman shares Walden's title but focuses more on the studio and film side of the business. He's a respected operator but has less visibility than his co-chair.

Jimmy Pitaro, Chairman of ESPN

Pitaro runs Disney's sports portfolio, including ESPN and its streaming initiatives. His division faces existential questions about cord-cutting and sports rights costs that may complicate his candidacy.

The External Wildcard

While the board has emphasized internal candidates, one external name has surfaced: Adam Silver, commissioner of the NBA. Silver met with the succession committee last year, and his name has generated persistent speculation.

An external hire would be unusual for Disney. The company has promoted from within for decades. But the circumstances are also unusual—Iger himself is on his third stint with the company, having returned after Chapek's failure. If the board lacks confidence in the internal bench, Silver represents a credible alternative.

The James Gorman Factor

The succession process is being overseen by James Gorman, who became Disney's board chairman on January 2, 2026. Gorman is the former CEO of Morgan Stanley, where he navigated his own successful succession. His presence suggests the board is determined to avoid another Chapek situation.

"A critical priority before us is to appoint a new CEO, which we now expect to announce in early 2026," Gorman stated. "This timing reflects the progress the Succession Planning Committee and the Board are making."

Gorman's involvement also signals that financial discipline will be a priority for the next CEO. Morgan Stanley under Gorman was known for careful capital allocation and strategic focus—qualities that Disney's new leader will likely be expected to demonstrate.

The Strategic Questions

Whoever takes the job inherits a company facing fundamental strategic choices:

Streaming profitability: Disney+ has reached profitability, but the business model remains challenging. Does the new CEO double down on direct-to-consumer, or accept a smaller streaming footprint?

Linear television: ESPN and the ABC network are declining assets in a cord-cutting world. How aggressively does Disney manage this decline?

Theme park expansion: Parks are the profit engine, but major expansions require enormous capital. How much should Disney invest in physical experiences versus digital ones?

Content spending: Hollywood economics have shifted. The new CEO must determine the right level of film and TV investment in a more competitive landscape.

Portfolio rationalization: Disney owns a lot of businesses. Should the company be smaller and more focused, or continue as a diversified entertainment conglomerate?

The Iger Shadow

Perhaps the biggest challenge for any successor is following Bob Iger. His first tenure as CEO, from 2005 to 2020, was one of the most successful in corporate history. He acquired Pixar, Marvel, Lucasfilm, and Fox. He launched Disney+. He cemented Disney's position as the world's dominant entertainment brand.

His return in 2022 came because his succession plan failed spectacularly. Chapek's brief tenure was marked by strategic missteps, poor communication, and a public feud with Florida's governor that damaged the company.

The next CEO will inevitably be compared to Iger at his best. That's an unfair standard—but it's the reality of following a legend.

What the Market Wants

Disney's stock has traded sideways for years, frustrating investors who remember the company's decade of outperformance under Iger's first tenure. Wall Street is looking for:

  • Clear capital allocation priorities
  • Continued streaming improvement
  • Protection of the parks profit engine
  • Reduced content spending without sacrificing quality
  • A coherent story about where Disney is headed

The new CEO's first investor presentation will be closely watched for signals on all these fronts.

The Timeline

The board's "early 2026" announcement window suggests a decision could come within weeks. Once announced, the new CEO will likely work alongside Iger for several months to ensure continuity. Iger's contract expires December 31, making a late-2026 handoff the most probable scenario.

The Bottom Line

Disney's CEO succession is entering its final phase. Josh D'Amaro and Dana Walden are the frontrunners, but the decision remains with a board determined to avoid another failed transition. For the $200 billion company that defines American entertainment, the choice will shape strategy for years to come. The announcement, expected in the coming weeks, will be one of the most significant leadership decisions in corporate America this year.