Disney Chair Shares Insight on the Quick Dismissal of Co-CEO Role – “Some Worked Well, Many Didn’t”
Disney Board Appoints New Leadership Amidst Transition
Disney’s chairman, James Gorman, announced the board’s decision to appoint Josh D’Amaro as the company’s sole chief executive officer and Dana Walden as president and chief creative officer. Gorman clarified that the vetting process for these roles was extensive but quickly ruled out the possibility of co-CEOs. Known for his expertise in smooth executive transitions, particularly from his time at Morgan Stanley, Gorman expressed reservations about the co-CEO structure.
"In the Fortune 500, there are probably less than 20 companies with co-CEOs," Gorman noted. "Typically, such structures arise when a strong founder remains actively involved. However, they can lead to challenges—especially in decision-making—when executives possess differing viewpoints.”
Gorman reflected on the issues arising from co-leadership scenarios, citing potential conflicts that might emerge from diverging opinions, as exemplified in other industries.
Disney, meanwhile, recently navigated a brief suspension and subsequent reinstatement of the late-night show Jimmy Kimmel Live! after local broadcasters pre-empted it. Host Jimmy Kimmel acknowledged Walden’s instrumental role in resolving the matter and expressed his support for her leadership aspirations.
In addition to executive changes, Disney is set to open a new theme park in Abu Dhabi, further expanding its global footprint.
Gorman emphasized that while the board considered the co-CEO model, it ultimately concluded it was not suitable for Disney. "Every company has unique challenges and opportunities," he said. "We discussed this option and decided it wasn’t the right path for us."
D’Amaro, who previously served as chairman of Disney Parks & Experiences, and Walden, co-chair of Disney Entertainment alongside Alan Bergman, will officially assume their roles following the company’s annual stockholder meeting on March 18. Longtime CEO Bob Iger will step down but remain as a senior advisor until the end of 2026.
When asked about Walden potentially being the next in line for leadership, Gorman commented, "Josh will likely take the lead. There’s no rush. She is undoubtedly critical as the number two executive in the company."
He concluded by expressing confidence in the new leadership team, stating, "We have a fantastic group of executives, and I believe this decision has brought about stability and clarity at the helm."
