Will Josh D’Amaro become the Disney CEO? It certainly looks that way to mose, but the race to see who is going to assume Bob Iger’s throne (and office shower) is apparently far from over.
The race to succeed Bob Iger as CEO of The Walt Disney Company is quietly becoming the most closely watched executive battle in Hollywood and corporate America. While Iger has insisted no decision has been made, all signs point to Disney Parks chief Josh D’Amaro as the Disney CEO frontrunner—despite Iger’s apparent irritation when that very idea was floated to him in public.
Bob Iger via CNBC Television YouTube
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According to eyewitness reports, Iger was dining at Farmshop in Santa Monica when his breakfast partner casually remarked that D’Amaro would “do a great job when he’s appointed CEO.” The suggestion reportedly sparked visible discomfort from Iger, who raised his voice, declaring the board had made no such decision and that he had “no idea” where the notion came from.
The moment revealed just how sensitive the topic of succession remains, even as Iger’s tenure winds toward its contractual conclusion in December 2026.
The Candidates in the Running
The Disney board has reportedly narrowed its focus to four internal contenders:
- Josh D’Amaro – Chairman of Disney Experiences (parks, cruises, consumer products)
- Dana Walden – Co-Chair of Disney Entertainment
- Alan Bergman – Co-Chair of Disney Entertainment
- Jimmy Pitaro – Chairman of ESPN
Industry insiders describe the contest as a “two-horse race” between D’Amaro and Walden, with Bergman and Pitaro largely viewed as long shots.
Cinderella Castle and Main Street USA decorated for Fall – Photo Credit: Ron Bradley
D’Amaro, 54, has emerged as a favorite due to his deep cultural ties to Disney and his stewardship of its most profitable division. By contrast, Walden, who joined Disney through the Fox acquisition in 2019, has won admiration on Wall Street for steering Disney+ to profitability and delivering prestige television hits like The Bear and Only Murders in the Building.
Why Josh D’Amaro Leads the Pack
If the decision comes down to financial performance and brand alignment, D’Amaro’s track record speaks volumes. Under his leadership, Disney’s Experiences division has become the company’s most profitable business unit—earning $8.12 billion in profit over the first nine months of fiscal 2025. That figure is more than double what Disney’s sports operations brought in and more than the company’s entertainment segment, which includes films, streaming, and TV.
Disney Experiences Chairman Josh D’Amaro via Disney Parks YouTube
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This runaway success has positioned parks, resorts, cruises, and consumer products as Disney’s strongest growth engine. In fact, the company has earmarked $60 billion over the next decade for new attractions, additional cruise ships, and even its first licensed theme park in the Middle East. D’Amaro also oversees Disney’s $1.5 billion investment in Epic Games, ensuring Disney has a stake in the future of interactive entertainment.
For many executives inside Disney, this makes him the natural heir. As one manager reportedly put it after a Florida retreat where division heads presented their vision for the company’s future: “D’Amaro’s pitch was the most inspiring.”
Cracks in the “D’Amaro Success Story”
On paper, Josh D’Amaro’s stewardship of the Experiences division looks flawless: record profits, expanding global investment, and the ability to carry Disney’s earnings at a time when the entertainment side of the business is struggling. But beneath those headlines lies a more complicated reality.
While Experiences profits are up 33% this fiscal year, much of that growth hasn’t come from increased attendance. In fact, attendance at Disney’s domestic parks has slumped in 2025, particularly in Orlando, where analysts and fan surveys alike report declining visits from the middle-class families who once formed the backbone of Walt Disney World’s customer base.
Empty Main Street USA and Cinderella Castle hub on Labor Day 2025 Magic Kingdom Disney World – Photo Credit: That Park Place
Instead, revenue has been buoyed by price hikes across nearly every aspect of the theme park experience. Ticket costs have climbed well above inflation, Genie+ upsells continue to frustrate guests, and food and merchandise pricing has reached record levels. Even fan-favorite experiences like Bibbidi Bobbidi Boutique have been pushed into eye-watering territory, while long-promised park improvements have been delayed.
This strategy may please investors in the short term, but it risks hollowing out the company’s most loyal audience. Disney is increasingly leaning on “Disney Adults” with disposable income rather than the families of four that Walt himself designed the parks to serve.
If D’Amaro does rise to the top office, critics argue that his reliance on financial engineering — squeezing more money from fewer guests — could prove unsustainable as competitors like Universal Orlando’s Epic Universe lure disenchanted families away.
The Iger Factor
Bob Iger’s outsized shadow looms over the entire process. Having delayed his retirement multiple times before, Iger famously handpicked Bob Chapek in 2020—only to see Chapek ousted amid corporate turbulence two years later. Iger’s return was meant to stabilize the company, but the move has left scars.
Bob Iger via New York Times Events YouTube
The board, under Chairman James Gorman (who helped lead a smooth succession at Morgan Stanley), is determined not to repeat past mistakes. This time, the process is being conducted with more discipline and regular committee meetings. Yet, Iger’s public reaction to the suggestion of Josh D’Amaro taking the Disney CEO reins suggests he may still struggle with the idea of giving up control.
Dana Walden’s Challenge
If anyone can derail D’Amaro’s momentum, it’s Dana Walden. Her expertise lies in the very divisions where Disney has faltered most: streaming and TV. Walden has shepherded Disney+ into profitability after years of red ink and proved adept at cultivating critical hits that strengthen Disney’s prestige factor.
Dana Walden via Variety YouTube
She has also increased her visibility with Wall Street and the media, speaking at major conferences and appearing on CNBC. Supporters argue that her background in entertainment makes her a better cultural fit for leading a media company than a parks-focused executive like D’Amaro.
However, Walden’s role in controversial internal decisions—such as the suspension and reinstatement of Jimmy Kimmel’s late-night show after he spread misinformation about the death of Charlie Kirk—remains a point of contention.
The Dana Walden Kamala Harris Connection
Another factor complicating Dana Walden’s candidacy is her well-documented personal friendship with former Vice President Kamala Harris. The two have been close for years, with Walden frequently appearing at Los Angeles social and political events alongside Harris. In Hollywood circles, the connection has often been seen as an asset — a symbol of influence and elite networking.
But in the current political climate, that very relationship could become a liability. With President Trump back in office and his administration already casting a skeptical eye at corporations seen as aligned with progressive politics, some observers question whether Disney would risk elevating a CEO so publicly tied to Harris.
Kamala Harris. Dana Walden via Variety YouTube
Disney’s next leader will not just answer to Wall Street and Hollywood — they will be navigating a Washington environment that is far less friendly to the entertainment industry than during the Obama or Biden years. Regulatory pressures, antitrust oversight, and corporate tax policy could all be shaped by the administration’s perception of Disney’s leadership. A CEO with visible political alliances, especially to a figure like Harris, might find themselves starting from a position of disadvantage.
Critics of Walden argue that choosing her could open Disney up to unnecessary political battles at a time when the company can least afford distractions. Supporters counter that her Hollywood connections are precisely what Disney needs to remain competitive in an evolving media landscape. But there is little question: her friendship with Harris is a political complication that Josh D’Amaro does not carry in the Disney CEO race.
What Comes Next?
Disney has confirmed that its board will announce a successor early next year, long before Iger’s official contract expires. The goal is to ensure a seamless transition and avoid the leadership vacuum that plagued the company in the past.
For now, Josh D’Amaro continues to look like a Disney CEO-in-waiting. He’s attended premieres, investor events, and even symbolic moments like ringing the New York Stock Exchange bell alongside Iger for Disneyland’s 70th anniversary. To many, he already carries himself like the man who will one day sit in Disney’s top office.
HULU ON DISNEY+ CELEBRATION – Some of the biggest stars across The Walt Disney Company celebrate the official launch of Hulu on Disney+ at an exclusive cocktail reception hosted by Dana Walden and Alan Bergman, along with special guest Bob Iger, on Friday evening in Los Angeles. (Disney/Greg Williams)
DANA WALDEN (CO-CHAIRMAN, DISNEY ENTERTAINMENT, THE WALT DISNEY COMPANY), ROBERT A. IGER (CHIEF EXECUTIVE OFFICER, THE WALT DISNEY COMPANY), ALAN BERGMAN (CO-CHAIRMAN, DISNEY ENTERTAINMENT, THE WALT DISNEY COMPANY)
But until the board makes its choice, the succession remains uncertain—and Iger’s apparent defensiveness signals that the conversation around his replacement is far from settled.
Do you think Josh D’Amaro will be Disney CEO? Sound off in the comments and let us know!
I’m out on the comments, but I happened by and I wanted to commend you on your two recent articles this morning, including the one exposing the difference between politically motivated boycotts. You’re really coming into your own Mr. Montanaro. Kudos.
If anyone thinks that Iger’s “Bristling” over the idea is because it isn’t going to happen, think again. For both personal ego reasons AND for valid SEC concerns, Iger has to be the one to make the announcement as does the Board. Just confirming an OUTSIDER guess isn’t satisfying of both legal and ego demands, and that’s why he’s putting on this “not so fast, because –I– never said it!” face. D’amaro is the guy, for better or worse, unless they go totally outside. Dana’s toast.