Big Take Podcast Recap

Episode: Disney Chairman James Gorman on Bob Iger's Successor Josh D'Amaro
Date: February 3, 2026
Host: Bloomberg News
Guest: James Gorman, Chairman of The Walt Disney Company

Episode Overview

This episode centers around Disney’s highly anticipated CEO succession, as James Gorman, Chairman of the Walt Disney Company, discusses the board’s decision to appoint Josh D’Amaro to succeed Bob Iger as CEO. The conversation explores the selection process, considerations for keeping top internal talent, the dynamics of Disney’s leadership, and Gorman’s perspective on the company’s future.

Key Discussion Points and Insights

Why Josh D’Amaro Was Chosen as Disney’s Next CEO

• Gorman’s Rationale:
  • Josh D’Amaro is described as a “standout” leader with strategic capability, operational experience, and creative instincts.
  • “He has what Bob Iger calls exceptional taste.” (James Gorman, 01:08)
  • D’Amaro’s global operations perspective, including significant park investments ($60 billion) and expansion, notably in the UAE.
  • The board conducted a comprehensive, global search including internal and external candidates.

Goals and Transition Plans for D’Amaro

• No specific contract goals set yet for D’Amaro, as he’ll start as CEO on March 18, 2026.
• Bob Iger will mentor D’Amaro through 2026; a vision for the company was shared during the selection process.
• “We really got to know Josh and all the other top executives... over time we’ll work with him as he settles into the job to lay out what the right strategic moves will be.” (James Gorman, 02:20)

The Timing of Bob Iger’s Departure

• Bob Iger influenced the timeline by stating D’Amaro was ready.
• Iger’s legacy involved successfully acquiring major studios and leading Disney through transformative industry shifts (streaming, linear TV decline, AI).
• “It’s not about the length of the contract that he was under. It’s about his role as CEO and then as mentor for the next CEO. So hats off to Bob. It was very selfless and frankly it’s what’s great for the company.” (James Gorman, 03:47)

Iger’s Ongoing Role and Clean Succession

• Iger will remain as employee adviser and board member until end of 2026, after which he’ll serve as a consultant, typical for former executives.
• Gorman emphasizes no interest in Iger as co-chair or chairman emeritus: “We needed a completely clean start here.” (James Gorman, 05:08)

Strategic Leadership Moves: Retaining Top Talent

• Dana Walden promoted to Chief Creative Officer & President to retain her and reinforce Disney’s focus on creativity and storytelling.
• Jimmy Pitaro (ESPN) and Alan Bergman (Studios) also remain key figures; Gorman stresses the importance of keeping all four internal finalists.
• “You know, we had an embarrassment of riches... Finding talent, developing talent is really hard. So when you got it, you do what you can to retain it.” (James Gorman, 06:38)

The Selection Process: Broad and Rigorous

• The board's search started with over 100 potential candidates, both internal and external, ensuring the best choice on merit.
• “We wanted to be sure whoever got this job got it on their merits. They had beaten anything that was presented from the marketplace and we had the best possible candidate.” (James Gorman, 07:48)

On Internal Precedents (Referencing Bob Chapek)

• Gorman dismisses direct comparisons between D’Amaro and Chapek. Focused instead on each person’s unique leadership qualities.
• “This is not an operations job. This is an operations and a creative job. It’s telling stories that create incredible experiences.” (James Gorman, 09:20)
• Gorman’s own example: Coming from outside banking/trading when leading Morgan Stanley.

James Gorman’s Own Role and Future

• Gorman is committed to Disney for the foreseeable future, assisting with the leadership transition, not planning to return to full-time finance.
• Notes Disney is undervalued compared to its assets and potential: “This company’s trading at 15 times earnings. That’s nuts.”
• “There are very few companies that have this quality of assets, this quality of bones.” (James Gorman, 10:58)

Notable Quotes & Memorable Moments

• On D’Amaro’s Selection:
  “He’s the person for this time. So Josh is just a standout executive. We looked all over the world... he beat all comers. So we’re thrilled.” (James Gorman, 01:25)

• On Bob Iger’s Transition:
  “Bob came to us a little while ago and said they’re ready. I mean, Josh is ready, he’s ready to take over. If the board’s will is to move on this. I want to step aside and I want to work with Josh as a senior adviser...” (James Gorman, 03:33)

• On Talent Retention:
  “If you don’t want to keep talented executives, there’s something wrong with you.” (James Gorman, 06:23)
  “So when you got it, you do what you can to retain it.” (James Gorman, 06:45)

• On Disney’s Leadership Future:
  “We’re set for the next decade and very excited about it.” (James Gorman, 05:46)

Timestamps for Key Segments

| Timestamp | Topic | |-----------|---------------------------------------------------------| | 00:37 | Introduction and announcement of Josh D’Amaro | | 01:00 | Gorman on D’Amaro’s strengths and selection | | 02:00 | Transition plan, D’Amaro’s role, and performance vision | | 03:04 | Iger’s departure timing and legacy | | 04:55 | Iger’s post-CEO role and clear succession | | 06:04 | Retaining Dana Walden and other top executives | | 07:17 | Succession planning process and board’s role | | 08:21 | Comparing D’Amaro to Chapek; focus on individual merit | | 10:05 | Gorman’s future and commitment to Disney |

Summary

James Gorman provided a transparent look into how and why Josh D’Amaro was selected as Disney’s next CEO, emphasizing both rigorous evaluation and an emphasis on creativity, operational expertise, and leadership qualities. The conversation highlighted Disney's depth of executive talent, the importance of succession planning, and continuity with Bob Iger in an advisory role. Gorman projects optimism and long-term commitment to Disney's leadership team and the company's prospects.