There is a sense of skepticism in Hollywood and on Wall Street whenever Disney CEO Bob Iger announces his departure. Since becoming CEO in 2005, Iger has set and then delayed his retirement four times, ultimately passing the role to parks chief Bob Chapek in 2020, only to reclaim it roughly three years later. This leads to the question: is his current exit plan genuine?
All indications suggest it is. The corporation has now confirmed that Iger will finally resign as Walt Disney’s CEO, with Disney parks head Josh D’Amaro taking over at the annual meeting on March 18. On this occasion, the decision appears definitive.
However, there is a minor caveat. Buried approximately 500 words into the announcement is a notable detail: Iger will “upon transition [on March 18] will continue to serve as senior advisor and a member of the Disney board until his retirement from the company on Dec. 31, 2026.”
The title of “Senior advisor” is a new one for Iger. Although it appears innocuous, it also raises questions about its necessity. ( has requested a detailed description of the role from Disney and will update if one is provided.)
Those who follow Disney closely understand that such phrasing is likely intentional. Iger’s previous departure stunned the business and entertainment sectors when he unexpectedly named Chapek as CEO, effective immediately, via a press release on a Friday afternoon in late February 2020. Media focus quickly shifted to Chapek as the new leader.
Just weeks later, the COVID-19 pandemic reached the United States, leading to the closure of public venues like Disney parks. The company saw a dramatic revenue drop, profits from the prior year turned into losses, and its stock value fell significantly. Since Disney had already shuttered its Shanghai and Hong Kong Disneyland parks in January, figures such as the New York Times’ then-media critic Ben Smith, pondered: “Had Mr. Iger, with his deep ties to China and legendary timing, seen the coronavirus about to devastate his global realm? Did he get out just in time?” (Iger told Smith there was “nothing different or odd to speculate about.”)
Regardless, Iger did not retreat from a leadership position. On the contrary, he effectively stayed in command under the new title of executive chair. While this might sound like a ceremonial role for a departing leader, it is actually a significantly more powerful position used in the corporate world. The executive chair is the highest-ranking executive, outranking the CEO. (This situation can place nominal CEOs in a position where they are accountable for the company’s performance without having complete strategic control.) To eliminate any uncertainty about the true authority at Disney, the press release disclosed that Chapek would report directly to Iger personally, in addition to the board of directors, which Iger led.
“When you’re executive chair, the buck stops with you,” stated Charles Elson, a corporate governance specialist with experience on multiple boards. “It’s a title change with little meaning. You’re still running the show. Period.”
Iger remained as executive chair, operating away from the spotlight for nearly two years, before fully stepping down. For the first time in his 27-year tenure at Disney, he was completely detached from the company. However, just 11 months later, the board dismissed Chapek and reinstated Iger as CEO.
This history brings us to the present. The board renewed Iger’s contract until the end of 2026, seven months after his return as CEO in 2023. The current announcement is consistent with that contract.
Similar to 2020, this transition occurs during a period of social upheaval and economic instability. While Disney is relatively stable within its industry (particularly the Experiences division led by D’Amaro), it confronts numerous challenges. These include the declining economics of traditional TV and film alongside the ascent of generative AI, a streaming service that has only recently become profitable, volatile media-industry mergers and regulatory instability, escalating tariffs in a global trade conflict, and an international environment where attitudes toward America have become significantly more cautious and oppositional.
Following the problematic handover last time, this succession process—overseen by board chair James Gorman, the former Morgan Stanley CEO—seems to be a model of proper execution. It may indeed proceed smoothly; after all, Iger will have to depart eventually. Yet, the “senior advisor” role continues to provoke questions. By all reports, Iger shares a close bond with D’Amaro, a protégé many see as emulating his mentor. However, departing CEOs frequently mentor their replacements without a formal new title. Why was one necessary for Iger? What is its significance?
Disney is widely considered the premier global storyteller. The ongoing Iger narrative may yet have another unexpected development.