As Disney looks ahead to life after Bob Iger, speculation on who might be the next CEO of the entertainment giant has been intense. Recent rumors circled around Netflix co-CEO Ted Sarandos, a streaming industry leader who could have brought an innovative approach to Disney’s evolving streaming division.
However, Sarandos recently squashed the speculation, clarifying that he isn’t interested in the top role at Disney and is committed to his work at Netflix. Disney, meanwhile, is carefully evaluating top internal contenders and seasoned executives in what’s expected to be one of the most impactful CEO appointments in Hollywood.
Why Ted Sarandos Isn’t Interested in Disney’s CEO Role
At the WSJ Tech Live conference, Sarandos dismissed the idea of a move to Disney, explaining that he’s fully dedicated to Netflix, a company he’s helped mold since joining over two decades ago. Under his guidance, Netflix has grown from a DVD rental business to a global streaming powerhouse with over 230 million subscribers worldwide. Sarandos has overseen the launch of culturally significant shows like Stranger Things, The Crown, and Wednesday, which have not only dominated streaming but also left an indelible mark on pop culture. Most notably, Squid Game, a South Korean series, became Netflix’s biggest-ever global hit, a testament to Sarandos’s vision of a content strategy that spans languages and borders.
According to Sarandos, he’s focused on Netflix’s own journey, noting that the company has yet to reach its full potential in terms of both audience engagement and market penetration. “What we’re doing here at Netflix is so exciting,” he said, adding that Netflix is still “at just 10% of consumer engagement,” signaling the potential for further growth. Sarandos’s commitment to Netflix, coupled with his productive partnership with co-CEO Greg Peters, has allowed Netflix to maintain its lead even as competition intensifies.
Who Might Succeed Iger?
As Disney’s current CEO, Iger is expected to stay until his contract expires at the end of 2026, but the entertainment giant has already started a thorough search for his successor. Here are some of the key players currently being discussed within Disney’s own ranks:
- Dana Walden (Disney Entertainment Co-Chair): Walden is considered one of the strongest internal candidates, thanks to her long track record of successful television productions and close relationships with top creative talent. Having spent decades in TV, Walden’s creative background and recent co-leadership at Disney Entertainment position her well to guide Disney’s extensive media portfolio.
- Josh D’Amaro (Chair, Disney Parks, Experiences, and Products): D’Amaro oversees Disney’s theme parks and experiences, a massive revenue generator that has weathered challenging times during and after the pandemic. Known for his charisma and public appeal, D’Amaro has successfully managed Disney’s parks division, and his people-focused approach and dedication to the “Disney magic” have made him a crowd favorite.
- Jimmy Pitaro (Chair, ESPN and Sports Content): As ESPN’s head, Pitaro has faced the task of bringing one of Disney’s most enduring brands into the digital era. His experience in sports content, particularly as he leads ESPN through an era of streaming-focused initiatives, has made him an attractive candidate for Disney’s top job. Pitaro’s insights into sports content and advertising, combined with his digital strategies, make him a versatile contender.
- Alan Bergman (Disney Entertainment Co-Chair): A longtime Disney executive, Bergman has had a hand in major film releases and has overseen the operations of Disney’s film division, which includes Pixar, Marvel Studios, and Lucasfilm. With major box office successes under his belt, Bergman could bring a stable hand to Disney’s entertainment division if chosen for the CEO role.
The Disney board’s selection committee, led by incoming board chair James Gorman of Morgan Stanley, is taking a broad approach to the search. Gorman’s recent appointment as head of the board and chair of the succession committee points to Disney’s intent on conducting a thoughtful, exhaustive search to ensure the next CEO can carry Disney’s legacy forward.
Iger’s Ongoing Influence
Bob Iger’s legacy at Disney is monumental, characterized by transformative acquisitions of Pixar, Marvel, and Lucasfilm, which redefined Disney’s content portfolio and cemented its position as a media juggernaut. However, Iger’s recent return after the brief but rocky tenure of Bob Chapek has underscored the importance of Disney’s next CEO pick. A seamless succession, especially after the turbulence surrounding Chapek’s tenure, is essential not only for Disney’s stability but also for its growth into new areas such as direct-to-consumer streaming, where Disney+ continues to compete against Sarandos-led Netflix.
While the internal candidates are strong contenders, the search committee is also reportedly open to external candidates. With Gorman’s wealth management background and his experience with succession planning at Morgan Stanley, he brings valuable insights into the process, focusing on finding someone who can not only maintain Disney’s rich legacy but also expand its horizons in the digital era.
As Disney fans, shareholders, and industry watchers await a final decision, the selection of Disney’s next CEO promises to be a pivotal moment in entertainment and streaming. With streaming’s rapid growth and changes in viewer behavior, the next Disney CEO will face the challenge of balancing the company’s storied legacy with a strategy that ensures its continued relevance in the age of digital-first entertainment.
Do you think Netflix would be capable of running The Walt Disney Company?
