Bob Iger's Legacy as Disney CEO: A Transition to Josh D’Amaro

Bob Iger, who has served as CEO of The Walt Disney Company, is set to officially hand over the reins to Josh D’Amaro on March 18, 2026. Iger's tenure is marked by significant achievements, including transformative mergers and acquisitions (M&A) that propelled Disney into the streaming era. His leadership style and strategic decisions have garnered praise, although his previous succession plan in 2020, which led to the appointment of Bob Chapek, is viewed as a misstep.

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Iger's strategy included high-profile acquisitions such as Pixar for $7.4 billion in 2006, Marvel Entertainment for $4 billion in 2009, and Lucasfilm for $4 billion in 2012. These deals have generated substantial revenue for Disney, with Pixar alone contributing over $40 billion. Jeffrey Sonnenfeld from Yale School of Management noted that Iger's negotiation of the Pixar deal revitalized Disney's animation division, which had become risk-averse. However, not all acquisitions were successful; the $71 billion purchase of 21st Century Fox in 2019 faced criticism for being strategically flawed, with activist investor Nelson Peltz questioning its financial viability.

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Chapek's tenure was fraught with challenges, including the COVID-19 pandemic, which severely impacted Disney's theme parks and theatrical releases. His handling of controversies, such as the "Don't Say Gay" legislation in Florida and a lawsuit from actress Scarlett Johansson over the release of "Black Widow," further complicated his leadership. Iger's return to the CEO position in late 2022 was marked by restructuring efforts and layoffs aimed at addressing the issues left by Chapek.

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Upon his return, Iger emphasized the need to rectify decisions made by his predecessor, stating, "I had to fix problems at the company." He also took a stand against Florida Governor Ron DeSantis's anti-Disney campaign, reinforcing the company's values. Iger's leadership has been characterized by a focus on maintaining Disney's moral core, with Sonnenfeld describing him as a "moral pillar of integrity and respect."

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Despite his successes, Iger has faced criticism, particularly regarding the Fox acquisition. Peltz's Trian Partners labeled the deal "strategically flawed," arguing that Disney had not achieved its targeted synergies. Critics also pointed to potential conflicts of interest surrounding Iger's financial incentives related to the Fox deal.

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As Iger prepares to step down, he leaves behind a company that has seen a 19% adjusted earnings per share compound annual growth rate over the past three fiscal years and a successful rebound in its streaming business. D’Amaro is expected to inherit a stable company, with Iger's legacy secure in terms of pivoting to streaming and stabilizing Disney's operations. Looking ahead, Iger plans to focus on non-Disney pursuits, including his involvement with Angel City FC, a professional women's soccer team.

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• “If the succession had gone right with Chapek, Iger would be just a hero at this point.” — Henning Piezunka, Associate Professor, Wharton Business School

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• “Iger executed the M&A strategy well… The contrast with Eisner is so stark.” — Dr. Ann Mooney Murphy, Business Professor, Stevens Institute of Technology

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• “He speaks to the moral core of the company… He took on DeSantis to unravel that mess, and he was able to fortify the values of the employees and customers.” — Jeffrey Sonnenfeld, Yale School of Management

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In summary, Bob Iger's leadership at Disney has been transformative, characterized by bold acquisitions and a focus on streaming, despite facing significant challenges during his tenure. As he transitions to Josh D’Amaro, the company appears well-positioned for future growth.

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