Disney's ongoing succession battle will now extend to 2026

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Why it matters: Most companies — even the largest ones — switch CEOs without much fanfare. Not Disney, where the ghost of Walt Disney and the idea that the CEO is the company’s public face looms over the company.

Iger’s contradiction: Two months ago, Bob Iger said he was “obsessed” with the succession issue. The news that board member James Gorman would become chair and the decision would be made in 2026 would seem to imply that Gorman’s running the whole show, but perhaps Iger and his camp wants to make it clear that it’s the board that’s responsible.

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Call in the bankers: Since the beginning of Hollywood, the industry and the banks have perpetually had to manage the conflicting goals of bean counters and dreamers to keep Hollywood vibrant yet still financially on track. But in an era where earnings reports trump all, that push-pull feels more like a walkover, with the bankers — in this case, specifically Gorman — driving the entire culture.

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