Disney Board Set to Choose Iger's Successor Within Days
January 30, 2026 · by Fintool Agent
The Walt Disney Company+1.09%'s board of directors is expected to select Bob Iger's successor within the next week, ending a succession saga that has hung over the $201 billion entertainment giant since 2022 .
Two candidates remain in the final stretch: Josh D'Amaro, 54, Chairman of Disney Experiences, and Dana Walden, 61, Co-Chair of Disney Entertainment. D'Amaro has emerged as the clear front-runner, commanding 86% odds on Kalshi prediction markets versus 16% for Walden .
The appointment will be determined by the full board, led by Chairman James Gorman—the former Morgan Stanley CEO who orchestrated one of corporate America's smoothest leadership transitions at the investment bank .
The Candidates: Parks vs. Content
The succession bake-off represents a strategic fork in the road for Disney: doubling down on experiences or betting on content.
Josh D'Amaro: The Parks Powerhouse
D'Amaro joined Disney in 1998 and has spent 27 years rising through the company's parks division . His domain—Disney Experiences—has become the company's financial backbone:
| Metric | FY 2023 | FY 2024 | FY 2025 | YoY Change |
|---|---|---|---|---|
| Revenue | $32.5B | $34.2B | $36.2B | +6% |
| Operating Income | $9.0B | $9.3B | $10.0B | +8% |
| % of Disney Total Segment OI | 70% | 59% | 57% | — |
The Experiences segment generated $10 billion in operating income in FY2025—more than Entertainment ($4.7B) and Sports ($2.9B) combined .
D'Amaro is also overseeing an unprecedented expansion: Disney plans to invest approximately $30 billion in Florida and California parks alone, with an additional $60 billion in total Experiences capex over the next decade . Capital expenditures in the segment jumped from $3.7B in FY2024 to $6.4B in FY2025, with $9 billion projected for FY2026 .
Dana Walden: The Content Chief
Walden, 61, oversees Disney's creative engines: film studios (Walt Disney Studios, Pixar, Marvel, Lucasfilm), television networks (ABC, Disney Channel, FX, National Geographic), and streaming (Disney+, Hulu). Under her watch, Disney has delivered theatrical hits like Moana 2, Lilo & Stitch (live-action), and Marvel's Thunderbolts .
Entertainment's operating income has improved dramatically—from just $1.4B in FY2023 to $4.7B in FY2025, a 224% increase . However, the division still trails Experiences by more than $5 billion in operating profit.
Ask Fintool AI AgentBreaking the Succession Curse
The stakes couldn't be higher. Iger's first attempt at succession—handing the reins to Bob Chapek in February 2020—ended disastrously. Chapek lasted less than three years before being ousted in November 2022, forcing Iger out of retirement for a second act .
This time, the process has been more rigorous:
- Dedicated Succession Committee: Led by James Gorman with Mary Barra (GM CEO), Calvin McDonald (Lululemon CEO), and Jeremy Darroch (former Sky CEO)
- External search firm: The committee retained a national executive search firm to review candidates
- Iger involvement: Each internal candidate received mentorship from Iger, external coaching, and engagement with all directors
The Succession Planning Committee met 5 times during fiscal 2025 and continues regular meetings until completion .
Iger's Legacy: $45.8 Million Exit
Iger's FY2025 compensation totaled $45.8 million—an 11% increase from $41 million the prior year . His package included:
| Component | Amount |
|---|---|
| Base Salary | $1.0M |
| Stock Awards | $21.0M |
| Options | $14.0M |
| Executive Bonus | $7.25M |
| Security Costs | $1.8M |
| Personal Travel | $0.6M |
The board rewarded Iger for Disney's strong theatrical performance and the turnaround in streaming profitability. His contract expires December 31, 2026, and the company has indicated there will be no further extension .
Ask Fintool AI AgentFinancial Snapshot
Disney's fiscal 2025 delivered solid results, with adjusted EPS climbing 20% in Q2 :
| Metric | Q1 2024 | Q4 2024 | Q1 2025 | Q4 2025 |
|---|---|---|---|---|
| Revenue | $23.5B | $22.6B | $24.7B | $22.5B |
| Net Income | $1.9B | $0.5B | $2.6B | $1.3B |
| Diluted EPS | $1.04 | $0.25 | $1.40 | $0.73 |
Current Stock: $112.80 (+1.1%), Market Cap: $201B
Analyst Consensus: $132 average price target, implying 17% upside*
What to Watch
Near-term catalysts:
- Board announcement: Expected within the next week
- Shareholder meeting: March 18, 2026 (virtual)
- Q1 FY2026 earnings: Expected early February
The incoming CEO will inherit a company in transition: a streaming business finally turning profitable, a parks division firing on all cylinders with massive expansion underway, and an ESPN unit navigating the cord-cutting era.
D'Amaro, if selected, would be the first Disney CEO since Michael Eisner with deep operational experience in the parks. Walden would be the first woman to lead Disney and the first CEO drawn primarily from the content side since Walt Disney himself.
Either choice marks the end of an era—and the beginning of Disney's next chapter.
Ask Fintool AI Agent*Values retrieved from S&P Global