A new report has emerged suggesting that current Disney CFO Christine McCarthy is the frontrunner to replace Bob Iger as CEO after his two-year term comes to a close in 2024.
Per Deadline, Disney insiders believe McCarthy is a leading contender to take over for Iger, stating that she "has always been a force to be reckoned with, but you have to put her on a list of top five possibilities after the last few weeks." McCarthy, who has been the chief financial officer at Disney since 2015, was instrumental in the removal of Bob Chapek as Disney CEO, which took place on Nov. 20. If McCarthy were handed the keys to the Magic Kingdom, she would become the company's first female CEO.
Sources have noted that McCarthy was influential to Disney under both Iger and Chapek's reigns, helping to successfully engineer multiple mergers and keep the company afloat during the height of the coronavirus pandemic. It was McCarthy who first approached Disney board chair, Susan Arnold, in mid-November about Chapek's lackluster performance, threatening to resign if he was not removed immediately as CEO. "In the 35 years I’ve been doing this, I never saw a CFO go around a CEO," said one longtime Wall Street analyst.
Dana Walden Is Also in Contention for the Top Job
However, despite analysts and fund managers agreeing that McCarthy is "very capable" and would be ideal for the role, one Wall Streeter has noted that her age -- she turned 67 this year -- may ultimately prevent her from succeeding Iger, saying, "Bob Iger was originally supposed to retire about six years ago when he was 65. So I don’t see them hiring someone [that age] to be CEO [for the long term]. They just went through… how many transitions?" Disney insiders have also suggested that Iger could be eyeing Dana Walden, chairman of Disney General Entertainment Content, for the top job. Walden will be 60 when Iger leaves Disney for a second time at the end of 2024.
Iger is expected to work closely with Disney's board of directors in narrowing down who will succeed him at the completion of his term, with a name expected to be announced sooner rather than later. Over the next two years, Iger will also develop a "strategic direction for renewed growth" at Disney, which includes "a clear mission focused on creative excellence to inspire generations through unrivaled, bold storytelling."
Iger is expected to step down as Disney CEO at the conclusion of his contract on Dec. 31, 2024.
Source: Deadline