Disney Chairman James Gorman Talks Bob Iger Succession, Josh D'Amaro

Summary

Bloomberg Talks: Disney Chairman James Gorman on CEO Succession, Bob Iger’s Legacy, and Disney’s Future

Date: February 3, 2026
Guest: James Gorman (Disney Chairman)
Host: Bloomberg
Episode Theme:
This episode revolves around Disney’s recent announcement naming Josh D’Amaro as Bob Iger’s successor as CEO. Chairman James Gorman joins the show to discuss the selection process, Disney’s leadership strategy, Bob Iger’s role during the transition, the reasoning behind other key executive appointments, and Disney’s outlook for the future.

---

Main Theme and Purpose

The central focus is Walt Disney Company’s long-anticipated CEO succession—why Josh D’Amaro was chosen, how the board navigated a deep bench of internal talent, Bob Iger’s legacy, and how the company is structuring itself for a creative, competitive future. James Gorman offers candid, strategic insight into Disney’s leadership transition following a global talent search.

---

Key Discussion Points & Insights

1. Why Josh D’Amaro Was Chosen as CEO

• Global Search & Exceptional Leadership:
  Gorman emphasizes D’Amaro’s standout performance, deep Disney experience, and global operational expertise—including recent expansion projects in the UAE.

  "He’s the person for this time. So Josh is just a standout executive. We looked all over the world, as you could imagine...he beat all comers." —James Gorman [01:01]

• Strategic & Creative Strengths:
  D’Amaro is credited with blending strategic vision, creative instincts, and global leadership. Bob Iger specifically lauded his “exceptional taste.”

2. Succession Planning Process & Other Candidates

• Thorough, Internal and External Evaluation:
  The board and its succession committee considered over 100 candidates, both inside and outside the company, narrowing to a final four internal talents: Dana Walden, Alan Bergman, Jimmy Pitaro, and Josh D’Amaro.

  "We had a list...must have been over 100 people initially that we thought about, we considered, we evaluated. We ended up talking to several executives outside the company..." —James Gorman [07:18]

• Retention of Top Talent:
  Ensuring roles for other finalists (e.g., promoting Dana Walden to President & CCO) was integral to avoid losing key leaders.

  "If you don’t want to keep talented executives, there’s something wrong with you." —James Gorman [06:23]

3. Bob Iger’s Role and Transition

• Two Eras of Leadership & Critical Returns:
  Gorman recounts Iger’s extraordinary 15-year run—the acquisitions (Pixar, Lucasfilm, Marvel, Fox), shepherding Disney through COVID, and prepping the leadership bench.

  "He did deals that you know, nobody else on the planet could have done, frankly. He worked with Steve Jobs, George Lucas, Rupert Murdoch..." —James Gorman [03:05]

• Selfless Transition:
  Iger indicated to the board when his successors were ready. He will mentor D’Amaro until the end of 2026 but will not stay as chair or “chairman emeritus.”

  "Bob came to us...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...work with Josh as a senior adviser." —James Gorman [03:48]

4. Executive Structure and Culture

• Emphasis on Creativity:
  Dana Walden’s elevation to President & Chief Creative Officer is meant to keep creative storytelling at the core, spanning parks, studios, ESPN, TV, and cruise businesses.

  "That’s to ensure that the leadership team at the heart of this company is creativity and storytelling." —James Gorman [05:38]

• Retainment Strategy:
  Gorman is enthusiastic about keeping all top executives on the Disney team for the long term, stressing the rarity and difficulty of cultivating such talent.

5. Addressing Comparisons to Bob Chapek and Park-Leader Precedents

• D’Amaro vs. Chapek:
  When asked about the similarity to Bob Chapek’s ascent from parks to CEO, Gorman insists each leader is considered as an individual.

  "Josh is incredibly innovative. What he’s done in the imagineering space with those creative teams...this is not an operations job. This is an operations and a creative job." —James Gorman [09:02]

• Leadership Potential Over Resumes:
  Gorman points to his own background for context:

  "I ran Morgan Stanley for 14 years. I’d never been a trader, I’d never been a banker. You know, you take people for what they can do..." —James Gorman [09:44]

6. James Gorman’s Own Future

• Staying with Disney:
  Despite speculation, Gorman dismisses a return to finance. He intends to help Disney, mentor its leaders, and maximize the company’s value.

  "I’m not interested in going back… I want to help the Walt Disney Company and help Josh and the new leadership team…" —James Gorman [10:36]

• Bullish on Disney’s Potential:
  Expressing surprise at Disney’s valuation:

  "This company’s trading at 15 times earnings. That’s nuts. I mean, honestly, there are very few companies that have this quality of assets, this quality of bones as I call it, than what we have." —James Gorman [10:52]

---

Notable Quotes & Memorable Moments

• D’Amaro’s Unique Fit:
  "He has great creative instincts. He has what Bob Iger calls exceptional taste… he beat all comers. So we’re thrilled." —James Gorman [01:01]

• On Bob Iger’s Return:
  "When the company got in trouble… they invited Bob to come back… There were two mandates: get us through the very difficult post-Covid period, and make sure the lead executives… would be ready for prime time." —James Gorman [03:15]

• Succession Process:
  "We wanted to look at all comers… so that included external, it included internal, and included the four [candidates] that you talked about." —James Gorman [07:41]

• Retaining Talent:
  "Finding talent, developing talent is really hard. So when you got it, you do what you can to retain it." —James Gorman [06:43]

• Independence of Judgment:
  "We look at the individual. We don’t look at, you know, just buyers, whatever. I mean, you’ve got to look at what the individual has done." —James Gorman [09:06]

• On His Commitment to Disney:
  "I want to help the Walt Disney Company… help Josh and the new leadership team… there are tremendous moats around the businesses. I’m excited about the prospect of what we can see from Disney over the next several years." —James Gorman [10:36, 11:01]

---

Timeline of Important Timestamps

• 00:38 — News Introduction & Announcing Josh D’Amaro as Successor
• 01:01 — Why Josh D’Amaro? Gorman explains the choice
• 02:02 — CEO Succession Goals & Coordination with Iger
• 03:05 — Bob Iger’s legacy & motivation to transition now
• 04:56 — Discussion of Iger’s advisory role and leadership structure
• 06:23 — Rationale behind Dana Walden’s new role, keeping other top execs
• 07:18 — Depth and process of the CEO search (internal/external)
• 09:02 — Parallels with Bob Chapek, why D’Amaro is different
• 10:29 — Discussion of Gorman’s own plans and commitment
• 10:52 — Gorman’s bullish perspective on Disney’s value

---

Conclusion

James Gorman offers a transparent look at Disney’s decision-making as it ushers in a new CEO. The episode is full of unique insight into the company’s internal dynamics, Gorman’s personal and strategic philosophy, and the board’s focus on fostering creativity and retaining world-class leadership. The conversation makes clear that Disney sees itself at the start of a new decade of storytelling and innovation, with Josh D’Amaro and a seasoned executive team at the helm.

Transcript

[Mint Mobile Announcer]

Well, the holidays have come and gone once again. But if you've forgotten to get that special someone in your life a gift. Well, Mint Mobile is extending their holiday offer of half off unlimited wireless. So here's the idea. You get it now, you call it an early present for next year.

[James Gorman]

What do you have to lose?

[Mint Mobile Announcer]

Give it a [e-mail] Switch limited time.

[Mint Mobile Terms Announcer]

50% off regular price for new customers. Upfront payment required $45 for three months, $90 for six month or $180 for 12 month plan taxes and fees. Extra speeds may slow after 50 gigabytes per month when network is bus.

[Mint Mobile Announcer]

Bloomberg Audio Studios podcasts radio news After.

[Interviewer]

A three year search, Disney's board and its chairman James Gorman have named a CEO successor. Josh Tomorrow will be promoted for being Park's chief to succeed Bob Iger in March of this year. Mr. Gorman joins us now. Good morning, Mr. Gorman. Thank you for your time. I mean, let's start with the simple question. What, why James Demara?

[James Gorman]

Well, it's Josh tomorrow. Tomorrow. Good morning, Ed. He's, listen, he's the, he's a fantastic executive. He's strategic. He's run a huge operations with one which Disney is now investing $60 billion of capital into. He has great creative instincts. He has what Bob Iger calls exceptional taste. He's a leader who's oper all over the globe, including the recent expansion that's going to happen in the uae, which he did with Bob. He's, he's, he's the person for this time. So Josh is just a standout executive. We looked all over the world, as you could imagine. We want to do this right. We want to make sure that whoever got the job beat all comers and he beat all comers. So we're thrilled.

[Interviewer]

Mr. Gorman, what mandatory goals, performance targets did you set Mr. Di Morrow over over the term of his contract?

[James Gorman]

Well, we haven't set goals in terms of his contract. He hasn't started. He'll be taking over as CEO at the annual meeting which is March 18th. Bob will be working with him through 2026, guiding and mentoring and helping further develop him. Obviously he laid out a vision for the board in the various discussions we had, which we had numerous ones, we really got to know Josh and all the other top executives, Dana Walden, Alan Bergman, Jimmy Pitaro, just tremendous group of four executives we had to consider in this process. And you know, over time we'll work with him as he settles into the job to lay out what the right strategic moves will be and how we're going to measure ourselves against those. So I'm highly confident in Josh and the team working with him.

[Interviewer]

Mr. Gorman there was reporting that Mr. Iger confided in those close to him that he wanted to leave Disney before the end of his his contracted term. To what extent did that that push the board to move up its succession line?

[James Gorman]

Yeah, I think firstly, let's just talk about Bob. I mean, he's had effectively two careers at Disney. The first was an amazing 15 year run where he did deals that you know, nobody else on the planet could have done, frankly. He worked with Steve Jobs, with George Lucas, with Rupert Murdoch to buy a bunch of studios which we now oversee. Seven studios which Alan Bergman has been overseeing by the way, produced under Alan's leadership and working with Dana and has produced over six billion dollar movies in the last two years. But Bob did a phenomenal job. When the company got in trouble, and it was before I joined the board, they invited Bob to come back and really there were two mandates for him. One was to get us through the very difficult post Covid period and the changes taking place in the linear space with what was going on in streaming and now what is going on in AI. He did that. He really got the company fit for purpose. The second was to make sure if we were to go internal that the lead executives and we had four of them to consider, would be ready for prime time. If and when we went in that direction, we ultimately did. So 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. Stay on the board through the end of the year. 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.

[Interviewer]

Did you consider Bob Iger continuing on in a co chairman capacity or a chairman emeritus type role? I appreciate that, you know, there is an advisor agreement here, but it. Does that have a definitive end?

[James Gorman]

Yeah, but Bob will say as an employee adviser and board member until the end of 2026 and then he'll step off the board. He won't be an employee. He'll continue to consult to the company consistent with what former executives do. I'm doing that at my former institution, Morgan Stanley. But no, we were not, you know, Bob was not interested in remaining as a chair or co chair. We needed a completely clean start here, which is what we're having. He'll be there to support a mentor and we have the right structure for the future. So we're thrilled. And you know, you look at what, what's going on now that we've appointed Dana also as president and a new role, Chief Creative Officer. That's to ensure that the leadership team at the heart of this company is creativity and storytelling. And it's to ensure the leadership team brings their absolute best every day. Leveraging our ip, telling stories across all of our properties, whether it's cruises or parks, our tv, our ESPN platform and obviously the studios. So we really set, we're set for the next decade and very excited about it.

[Interviewer]

Mr. Gorman, ultimately you went with Josh tomorrow for the Seer role in promoting Dana Walden to the CCO president hybrid role. How conscious were you of keeping her, you know, giving her that title to ensure she stays at Disney long term?

[James Gorman]

Oh my goodness, if you don't want to keep talented executives, there's something wrong with you. You know, we, we had an embarrassment of riches we have. You know, as I said, Jimmy Pitaro, who's running espn is a fabulous executive. Alan Bergman, who's run our studios, businesses at seven Studios has done an unbelievable job. Dana obviously incredible executive with a long history in Hollywood, in the industry. And Josh, we want to keep all of them and I believe we will. I mean I think this is a win, win for everybody and I'm just, I couldn't be more excited about it. So yeah, absolutely. If you have talent, you want to keep them. Finding talent, developing talent is really hard. So when you got it, you do what you can to retain it.

[Interviewer]

Well, Mr. Gorman, it seemed like a four way playoff right of internal candidates. In that vein, how concerned or otherwise were you about keeping Jimmy Pitaro and Alan Bergman at Disney long term too?

[James Gorman]

Well, it was more than four ways we really approached this. And when I say we, the board, we had a succession planning committee and I was honored to serve with Calvin MacDonald, Sir Jeremy Darrock and Mary Barra who were the succession planning committee. Then we quickly moved to full board engagement and each of the other directors played a meaningful role in this and I couldn't be more grateful for, for what they did. But you know, we decided early on we wanted to look at all comers. We had a list, my goodness, it must have been over 100 people initially that we thought about, we considered, we Evaluated. We ended up talking to several executives outside the company because I wanted to be sure, we all wanted to be sure that 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. So that included external, it included internal and included the four that you talked about. And I think all of them are very important to this company and we're honored to have them in critical roles.

[Interviewer]

Mr. Gorman, in May of 2019, I was sat opposite Bob Chapek at the opening of Star Wars, Galaxy's Edge, right? And at that time, the park's chief. By February of the following year, he was CEO. And it was all about ip, his ability to take the growth in parks, the IP in parks, grow it out. Star wars is a good case study, but to many, you know, maybe investors had a viewpoint on this, on a co CEO structure or somebody coming from parks to lead the wider business. Josh Tomorrow has a very similar background to Mr. Chapek. How closely did you look at that, those parallels in that scenario?

[James Gorman]

Not, not especially. We look at the individual. We don't look at, you know, just buyers, whatever. I mean, you've got to look at what the individual has done. Josh is incredibly innovative. What he's done in the imagineering space with those creative teams building the IP into the parks, into the cruises. I mean, this is not, this is not an operations job. This is an operations and a creative job. It's telling stories that create incredible experiences for everybody who goes through those gates or gets on one of the ships. And, and he is, he is incredibly capable at doing that. So I've always said what you look for in CEOs is not just what they've done that's important, but it's what they're capable of doing. You know, I tell the story. I ran Morgan Stanley for 14 years. I'd never been a trader, I'd never been a banker. You know, you take people for what they can do, building on some things they've learned in the process. And, you know, I look at Josh as an individual, not as a comparison. And I think he'll be a fabulous CEO. He has all of the skills to lead Disney for the next 10 years.

[Interviewer]

Mr. Gorman, you were brought in as chairman in part to oversee this succession process. It's now over. You've reflected on your time at Morgan Stanley. What's next for you? Do you expect to remain longer term with Disney, or are you looking at perhaps a move back into the financial industry or something else suggesting.

[James Gorman]

I Retire it?

[Interviewer]

Not at all. So. But there is a great deal of interest in what you will do. Maybe you'll let us know.

[James Gorman]

No, I'm not. I'm not. I mean, I work with General Atlantic, which is an amazing firm in the financial space, but I'm not interested in going back into the world, the pure world of finance. I want to help the Walt Disney Company and help Josh and the new leadership team and work with Bob on this transition and help the board in making sure we deliver what we can. This company's trading at 15 times earnings. That's nuts. I mean, honestly, there are very few companies that have this quality of assets, this quality of bones as I call it, than what we have. There are tremendous moats around the businesses. I'm excited about the prospect of what we can see from Disney over the next several years. So no, I'm very much staying put.

[Interviewer]

Thank you. James Gorman, chairman of the Walt Disney Company that today has announced Josh d' Amaro as the next CEO succeeding Bob Iger in March. Thank you very much.

[James Gorman]

Thanks so much.

[Wasabi Announcer]

Innovation is what gets your business to market. And Wasabi is designed to give every business a shot at competition.

[Mint Mobile Announcer]

How?

[Wasabi Announcer]

Break free from skyrocketing storage costs and unpredictable egress fees from old and top heavy legacy providers. You know the big guys. Wasabi is the world's hottest cloud storage company and the go to provider for professional and collegiate sports teams and leagues around the world. And here's why. Innovation from Wasabi's AI enabled intelligent media storage, Wasabi Air to the industry's only cloud storage service with triple protection against cybercriminals, data deletion and ransomware. The world's top companies trust Wasabi. Remember, Wasabi is up to 80% less than market competition and doesn't charge a cent for businesses to access their own data. Wasabi another championship story. Check them out for [e-mail] wasabi hot cloud storage. Proud partner of Iheart Podcast Network.

[Jacob Goldstein]

This is Jacob Goldstein from what's yous Problem? Business software is expensive. And when you buy software from lots of different companies, it's not only expensive, it gets confusing. Slow to use, hard to integrate. Odoo solves that because all Odoo software is connected on a single affordable platform. Save money without missing out on the features you need. Odoo has no hidden costs and no limit on features or data. Odoo has over 60 apps available for any needs your business might have, all at no additional charge. Everything from websites to sales to inventory to accounting. All linked and talking to each other. Check out [e-mail]. that's o d o o dot com.