After successfully defending against activist investors Trian Fund Management and Blackwells Capital, Disney CEO Bob Iger says the company’s main focus is now on identifying his replacement.
Iger told CNBC that shareholders are very interested in and care a lot about succession, and it is the board's primary concern. The board has been spending a significant amount of time on this.
A committee led by board chairman Mark Parker and directors Mary Barra, James Gorman and Calvin McDonald is overseeing the search.
They met seven times last year and plan to meet even more this year. They are confident they will choose the right person at the right time and have some time to do so. Shareholders care about this given the company's recent challenges.
Disney has identified four potential internal candidates: Disney Entertainment co-chairs Dana Walden and Alan Bergman, parks chief Josh D’Amaro and ESPN chairman Jimmy Pitaro. They might also consider an external candidate.
Iger didn't give a timeline for when a new successor would be identified but emphasized that he's “not going to be here forever.” His current contract ends in 2026.
Iger stressed the importance of a good transition process and the board's focus on choosing the right person, determining the timing of the decision, and how the handover will take place.
Iger came back to Disney in November 2022 after his successor and predecessor Bob Chapek was removed.
Iger said the COVID-19 pandemic hit the company and his successor hard, but the focus now is on the future and ensuring a better outcome next time.
More to come…