Disney Terminates Chief Communications Officer Kristina Schake as Iger Era Ends
February 24, 2026 · by Fintool Agent
The Walt Disney Company terminated its Chief Communications Officer Kristina Schake "without cause" effective March 19, 2026 — one day after Bob Iger hands the CEO role to Josh D'Amaro at the company's annual meeting.
The timing is no coincidence. Schake was an Iger loyalist who joined Disney during the chaotic Bob Chapek era and remained when Iger returned. Her departure marks a clean break for D'Amaro to build his own executive team as he takes the helm of the $188 billion entertainment giant.
Disney shares rose 1.6% to $106.08 on the news, continuing a modest recovery from their 52-week low of $80.10 in August 2024.
A Clean Break for the New CEO
The 8-K filing reveals Disney exercised its contractual right to terminate Schake without cause, triggering separation benefits under her previously disclosed employment agreement. Her contract, extended in October 2025, provided a base salary of $780,000, a target bonus of 150% of base, and long-term incentive awards of 350% of base salary.
The company has not named a successor. According to Page Six, D'Amaro is leaning toward promoting internally, with two lead candidates emerging: Alannah Hall-Smith (communications for Disney Parks, Experiences and Products) and Paul Roeder (Disney Entertainment communications).
Ask Fintool AI AgentFour Turbulent Years at Disney
Schake joined Disney in April 2022, originally brought in by former communications chief Geoff Morrell — who lasted only four months in the role. Her tenure spanned what Iger himself acknowledged was a period that required "a tremendous amount of fixing."
According to the press release, Schake "shaped the communications strategies for the company's most consequential moments," including:
- Iger's return as CEO (November 2022) — managing the messaging around the sudden ouster of Chapek
- Two proxy fight victories — Disney decisively defeated challenges from Nelson Peltz's Trian Partners and Blackwells in April 2024
- Streaming profitability — Disney+ achieved profitability in September 2024
- Hulu integration into Disney+
- Abu Dhabi theme park announcement — Disney's first new park in 15 years
- ESPN Unlimited launch — the direct-to-consumer sports streaming offering
- CEO succession — the selection of Josh D'Amaro as Iger's successor
The Financial Turnaround
While Schake cannot claim credit for Disney's financial performance, the numbers during her tenure tell a story of dramatic improvement:
| Metric | FY 2022 | FY 2025 | Change |
|---|---|---|---|
| Revenue | $82.7B | $94.4B | +14% |
| Net Income | $3.1B | $12.4B* | +294% |
| EBITDA Margin | 14.5%* | 20.6%* | +6.1pp |
*Values retrieved from S&P Global
Yet the stock tells a different story. Shares are down 22.6% since Schake joined in April 2022, when Disney traded at $137. The company hit a 52-week low of $80.10 in August 2024 before recovering to current levels.
Ask Fintool AI AgentThe Criticism Behind the Headlines
Not everyone views Schake's tenure favorably. According to Page Six, "forces within the company and outside of it have aligned against Schake" in recent months.
One high-level Disney source told the outlet: "Bob's reputation got trashed in the last few years and that's because Kristina didn't do her job." Critics point to Iger's controversial July 2023 comments during the WGA and SAG-AFTRA strikes, when he called union demands "not realistic" from the Sun Valley Conference — widely derided as tone-deaf messaging.
Schake's supporters counter that she navigated Disney through extraordinary challenges including the pandemic aftermath, guild strikes, and the streaming pivot. They credit her handling of the DeSantis "Don't Say Gay" controversy and the decisive proxy fight victories.
Her background is notably different from Disney veteran Zenia Mucha, who led communications for nearly 20 years under Iger's first tenure and was known for building deep relationships with the Hollywood press corps. Schake came from the political world — serving as Communications Director for First Lady Michelle Obama, Deputy Communications Director for Hillary Clinton's 2016 campaign, and leading President Biden's COVID-19 vaccine public education initiative.
Insider Trading Activity
Schake's SEC filings show no open market sales during her tenure. Her transactions consisted primarily of:
- RSU grants (126,432 shares awarded)
- Option exercises and RSU vestings (80,879 shares acquired)
- Tax withholding sales (20,381 shares disposed for taxes)
Her most recent filing on January 20, 2026 shows she owns 24,053 shares of Disney stock, worth approximately $2.5 million at current prices.
What to Watch
Immediate (March 18): D'Amaro takes over as CEO with Iger transitioning to Senior Advisor. Watch for announcements on Schake's replacement and any other executive changes.
Near-term: Disney's Q2 FY2026 earnings (expected May 2026) will be D'Amaro's first quarter at the helm. The market will scrutinize any changes to strategic messaging or investor communications tone.
Ongoing: D'Amaro's relationship with the creative community — historically the domain of entertainment-focused executives rather than parks operators — will be a key test. Dana Walden's new role as President and Chief Creative Officer should provide cover, but communications will need to bridge both worlds.
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