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Disney’s Next Act: Could Dana Walden and Josh D’Amaro Share the CEO Spotlight?
As the curtain slowly closes on Bob Iger’s legendary tenure, all eyes are on the next act for The Walt Disney Company. With an announcement expected in early 2026, speculation is swirling faster than a Mad Tea Party teacup about who will take the reins—and whether Disney might try a bold (or risky) move: appointing two CEOs instead of one.
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According to CNBC, Disney’s board has discussed a potential co-CEO structure featuring Dana Walden and Josh D’Amaro—two top executives with distinctly different strengths. Walden, co-chair of Disney Entertainment, is a Hollywood powerhouse with deep roots in television and film. D’Amaro, the chairman of Disney Experiences, rose through the parks and resorts side, earning major fan credibility for his approachable leadership and connection to Cast Members and guests alike.
On paper, it’s a pairing that could make sense. Walden’s creative instincts and D’Amaro’s operational savvy cover both halves of Disney’s sprawling empire—from studios and streaming to theme parks and cruise ships. The model mirrors Netflix’s successful dual leadership between Ted Sarandos and Greg Peters, which helped the company thrive after founder Reed Hastings stepped aside.
But this is Disney we’re talking about—and if history is any guide, power-sharing in the kingdom isn’t exactly a fairy tale ending.
A Tale as Old as (Corporate) Time
Disney’s succession sagas are the stuff of legend. Bob Iger himself has delayed retirement multiple times, returning in 2022 to “steady the ship” after Bob Chapek’s controversial run. During Chapek’s short-lived tenure, Iger’s lingering creative influence created confusion and internal tension—a dynamic critics fear could repeat itself if he remains as executive chairman while two successors try to co-lead.
Unlike Netflix, where Hastings gracefully moved on, Iger’s well-documented tendency to hover could complicate things. He’s widely respected but also known for being hands-on—perhaps too much so for a balanced co-CEO setup.
Adding fuel to the concern is Disney’s famously political culture. With divisions ranging from Pixar to Marvel to ESPN to the parks, the company is more like a federation of kingdoms than a unified monarchy. A co-CEO arrangement could risk internal rivalries, unclear reporting lines, and corporate chaos worthy of a Disney villain.
As one senior media executive told CNBC, “It wouldn’t work for Disney. There would be so much backbiting. That’s how it’s always been there.”
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When Two CEOs Don’t Make a Whole
Corporate governance experts largely agree: two CEOs often mean no CEO. “When you create two sources of authority in an organization, that’s never good,” said Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware. While he acknowledges co-CEO structures can sometimes work with a strong tiebreaker—like a controlling founder or chairman—Disney doesn’t have that. Iger, while influential, isn’t a major shareholder, owning less than 1% of Disney’s stock.
So far, the company is staying silent, with a Disney spokesperson declining to comment.
Still, the idea of keeping both Walden and D’Amaro in leadership roles is tempting. Choosing one could risk losing the other to competitors—just as Disney lost Kevin Mayer, its former streaming chief, to TikTok after being passed over in 2020.
For now, the magic question remains: Will Disney double up on leadership, or crown a single successor to carry the torch into its next century?
Whatever the outcome, the company’s next CEO (or CEOs) will inherit not just a sprawling empire—but the monumental task of steering the world’s most beloved entertainment brand through a rapidly changing media landscape.
The only thing more suspenseful than a Marvel post-credits scene might be this corporate cliffhanger.
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