The Hollywood Reporter this week details the account of Bob Iger, the CEO of the Walt Disney Company, and his retirement announcement in two years time; bringing up once again the question of succession for one of the Big Six studios. Unlike the Paramount situation, Disney is a thriving company with several franchises, and thus, is able to survive a transition of power, given the right person takes the job. THR provides the setup:
“ronically, the CEO is trapped in the same vise as his predecessor, Michael Eisner, who named Michael Ovitz his No. 2 in 1995, only to fire him a little more than a year later, with a subsequent settlement of more than $140 million”
On potential candidates:
“But by Wall Street consensus, no internal candidate has emerged as a clear heir apparent since Disney jettisoned Iger’s first pick, Tom Staggs, in 2015. While Ben Sherwood, who serves as co-chair of Disney Media Networks and president of Disney/ABC Television, oversees a key profit center, it’s unclear whether Iger favors him. Bob Chapek, who chairs Disney’s parks and resorts, has broad experience and also appears to have Iger’s trust; James Pitaro, the head of consumer products and interactive media, has digital experience, having served as head of Yahoo Media; and CFO Christine McCarthy has been working closely with Iger but lacks operational experience”
On a personal level, Iger needs to pick someone he trusts and understands the needs of the company; which on some level is all of them; from this then Bob Chapek and Christine McCarthy seem to be the best bets for CEO, Chapek because of his park experience and Iger’s trust; and McCarthy because of her close work with Iger. Regardless, the success of a company is not based on the strengths and weaknesses of one individual; it is a collaborative effort one that requires, in the case of Disney, the support of its Board of Directors and the various department heads. It is unlikely that Disney will falter during the transition process, given the company’s history with corporate synergy and their business model, but what happens after 2019 will remain somewhat ambiguous; but it is perhaps an ambiguity that is worth it, for it presents opportunity and new potential directions, including exploring some old avenues worth a second pass.