Disney's long-running leadership drama is heating up again as activist investor Nelson Peltz accuses outgoing CEO Bob Iger of shaping the company's succession plan to keep control behind the scenes.
The clash centers on Iger's choice of theme parks chief Josh D'Amaro as his successor, a move Peltz claims is designed to justify Iger's continued influence at the company.
In comments to The Wall Street Journal, Peltz said Iger favored D'Amaro over entertainment executive Dana Walden so he could stay involved after stepping down.
"Iger needs a reason to stay on," Peltz said, arguing that choosing a parks executive over a Hollywood veteran creates space for Iger to remain a guiding force.
D'Amaro, 54, is set to take over as CEO next month, while Iger will stay on as a Disney director and senior adviser through the end of the year.
Walden, once seen by many as the top contender for the role, was instead named president and chief creative officer, a newly created position. The decision has raised questions about whether Disney's leadership transition will truly mark a clean break or repeat past mistakes.
Peltz pointed to Disney's troubled last succession as a warning. In early 2020, Iger handed the CEO job to Bob Chapek, another parks executive, just weeks before the COVID-19 pandemic shook the company.
Iger remained as executive chairman, which led to overlapping authority and internal tension.
Josh D’Amaro has been named the next CEO of #Disney, replacing longtime chief Bob Iger.
— Variety (@Variety) February 3, 2026
D’Amaro has served as Chairman of Disney Experiences since 2020, where he oversees parks, cruises and consumer products.
Iger succeeded Michael Eisner as CEO in 2005, serving until 2020… pic.twitter.com/eGPhmVQBUx
Read more: Disney Files a Cease-and-Desist Against Google Over AI Copyright Amidst OpenAI Licensing Deal
Disney Board Defends Succession
Chapek's short tenure was marked by clashes with talent, employee unrest, political backlash in Florida, and growing losses in streaming. In November 2022, Disney's board fired Chapek and brought Iger back as CEO.
According to Peltz, history could repeat itself. He predicted that Iger may later claim D'Amaro lacks movie business experience and step in again to "guide" the company. Disney has not commented on Peltz's latest remarks.
The Disney board, however, has defended the new plan. Board chairman James Gorman said the succession process was handled carefully and unanimously approved.
He noted that D'Amaro has spent years on Iger's operating committee and has worked closely with film leaders, including helping bring major franchises like Avatar into Disney's parks.
Peltz has been a vocal critic of Disney for years. Through his hedge fund, Trian Fund Management, he built a large stake in the company in late 2022 and launched multiple proxy fights, arguing Disney lost focus and failed at leadership planning.
After losing a high-profile shareholder vote in April 2024, Peltz sold his entire Disney stake for a significant profit.
Join the Conversation