Disney in search of perhaps its greatest sequel — a successor to Bob Iger

Behind the red carpet movie premieres and new thrill-inducing rides for fans of its amusement parks, there is a quiet search underway to find the successor to Bob Iger, the face of Disney for most of the past two decades.

Disney went through the CEO search recently, and it was nearly a disaster.

Only two years after stepping down as CEO, Iger returned to Disney in 2022 after a period of clashes, missteps and a weakening financial performance under his hand-picked successor, Bob Chapek.

But how do you replace a chief executive who is considered by many to be the gold standard?

Iger strengthened the Disney brand through his acquisitions of Pixar, Marvel and Lucasfilm, oversaw the expansion of the company in China and India and had a laser-like focus on technology that both made the Disney product better, and more accessible. Iger, at the same time, is approachable, media savvy and has deftly managed a company that is like no other.

Under Disney's umbrella are theme parks, movies studios and streaming technology, all with priorities seemingly at odds with each other, or at least vying for the attention of the company's chief executive.

Disney did not provide succession updates at its annual shareholders meeting on Thursday. Still, the question of who can follow Iger remains on investors' minds.

Disney created a succession planning committee in 2023, but the search began in earnest last year when the company enlisted Morgan Stanley Executive Chairman James Gorman to lead the effort.

Gorman said in a January letter to shareholders that the committee had made “strong progress” over the past year.

“The full board is engaged in and committed to finding the right leader for the company and we are planning for a smooth leadership transition that will enable Disney’s continued success,” he wrote.

Disney does has the benefit of time. After signing a two-year contract mostly to right Disney’s trajectory after a rocky two years under his hand-picked successor, Iger agreed to a contract extension that keeps him at Disney through the end of 2026.

Disney declined to comment on its succession planning efforts.

It is a broad search. Disney is looking inside and outside of the company. Internal candidates are being mentored by Iger, interacting with the company's 15 board members (including Iger) and receiving external coaching.

The internal candidates are widely believed to include the chairman of Disney-owned ESPN, Jimmy Pitaro, Chairperson of Walt Disney Parks and Resorts Josh D'Amaro, Disney Entertainment Co-Chairman Alan Bergman and Disney Entertainment Co-Chairman Dana Walden.

Individuals on that short list are notably more visible at a time in which Iger has taken a bit of a step back from pubic appearances. Walden appeared at the Morgan Stanley Technology, Media & Telecom Conference this month to speak about varying components of the business.

“Disney is a great technology company and a great storytelling company,” she said. “We have moved forward significantly throughout time, embracing technology as a vital tool to deliver these stories.”

Bergman and D'Amaro showed up at the South by Southwest festival this month to discuss collaborative efforts taking place at Disney.

Given the complex and unique nature of Disney, many expect the next leader of the company to come from within.

"Internal candidates make sense when a company doesn’t need a major shake-up and when the bench of potential candidates is deep," Jason Schloetzer, associate professor at Georgetown McDonough School of Business, said.

Henning Piezunka, associate professor of management at Wharton Business School of the University of Pennsylvania, agrees.

“The challenge for Disney – but also the beauty of it, is that it is a somewhat unique company,” he said. “While it is very feasible for Ford to recruit from GM, and for Volkswagen to recruit from BMW, it is less evident what is an equivalent for Disney. So, it is harder for an external CEO to hit the ground running.”

Yet is there anyone on Disney's roster that can oversee parks, films and streaming as adeptly as Iger has?

Schloetzer said that Walden’s experience in television and streaming positions her well for the CEO post, although she lacks experience with the company's theme parks.

With D'Amaro, Disney has someone who has been with the company for almost 30 years and who has deep experience with the theme park division, he said.

“Ultimately, the choice will probably come down to which candidate the board feels most comfortable working with and who can motivate the next level of executives to push the company forward,” Schloetzer said.

Disney has been energized of late. The company was buoyed in its first quarter by the strong box office performance of “Moana 2” and subscriber growth at Disney+ and Hulu.

And the entertainment giant is continuing to double down on some of its most successful titles. Iger on Thursday announced that a sequel of Pixar's “Coco” is officially in the works, for example. While that film is in its initial stages, he also pointed to popular TV series set to return with new seasons in the coming year, such as FX's “The Bear” and Hulu's “Only Murders in the Building.”

Thursday’s meeting also spotlighted other growth efforts — including updates on an ESPN “direct to consumer” offering set to debut this fall and expansions across various Disney-owned parks and cruises.

“Right now, we have more projects underway around the world than at any time in our history,” Iger said in prepared remarks.

And beyond updates from Iger, Disney shareholders voted on several proposals Thursday. Of note, shareholders overwhelmingly rejected a proposal requesting that the company end its participation in the Human Rights Campaign’s Corporate Equality Index — a measure of workplace inclusion for LGBTQ+ employees that several other big names, including Ford and Lowe’s, have recently cut ties with amid wider attacks on diversity, equity and inclusion initiatives.

Disney's board previously recommended that shareholders vote against this measure. It received approval of just 1% in a preliminary count Thursday.

AP Business Writer Wyatte Grantham-Philips contributed to this report from New York.

FILE - Dana Walden, co-chairman of Disney Entertainment, poses at the premiere of the documentary film "Road Diary: Bruce Springsteen and the E Street Band," Monday, Oct. 21, 2024, at The Academy Museum of Motion Pictures in Los Angeles. (AP Photo/Chris Pizzello, File)

FILE - Alan Bergman, co-chairman of Disney Entertainment, addresses the audience during the Walt Disney Studios presentation at CinemaCon 2023, the official convention of the National Association of Theatre Owners (NATO) at Caesars Palace, Wednesday, April 26, 2023, in Las Vegas. (AP Photo/Chris Pizzello, File)

FILE - Disney Interactive President Jimmy Pitaro speaks at Disney Infinity 2.0 launch at Pacific Theatres Cinerama Dome on Wednesday, April 30, 2014 in the Hollywood section of Los Angeles. (Photo by Katy Winn/Invision/AP, File)

FILE - Disney CEO Bob Iger arrives at the premiere of "Avengers: Endgame" at the Los Angeles Convention Center on Monday, April 22, 2019. (Photo by Jordan Strauss/Invision/AP, File)

FILE - A statue of Walt Disney and Micky Mouse stands in front of the Cinderella Castle at the Magic Kingdom at Walt Disney World in Lake Buena Vista, Fla., Jan. 9, 2019. (AP Photo/John Raoux, File)

CARACAS, Venezuela (AP) — Venezuela’s government accused the United States of attacking civilian and military installations in multiple states after at least seven explosions and low-flying aircraft were heard around 2 a.m. local time Saturday in the capital, Caracas.

The Pentagon and White House did not immediately respond to requests for comment.

Smoke could be seen rising from the hangar of a military base in Caracas. Another military installation in the capital was without power.

People in various neighborhoods rushed to the streets. Some could be seen in the distance from various areas of Caracas.

“The whole ground shook. This is horrible. We heard explosions and planes,” said Carmen Hidalgo, a 21-year-old office worker, her voice trembling. She was walking briskly with two relatives, returning from a birthday party. “We felt like the air was hitting us.”

Venezuela’s government, in the statement, called on its supporters to take to the streets.

“People to the streets!” the statement said. “The Bolivarian Government calls on all social and political forces in the country to activate mobilization plans and repudiate this imperialist attack.”

The statement added that President Nicolás Maduro had “ordered all national defense plans to be implemented” and declared “a state of external disturbance.”

This comes as the U.S. military has been targeting, in recent days, alleged drug-smuggling boats. On Friday, Venezuela said it was open to negotiating an agreement with the U.S. to combat drug trafficking.

Maduro also said in a pretaped interview aired Thursday that the U.S. wants to force a government change in Venezuela and gain access to its vast oil reserves through the monthslong pressure campaign that began with a massive military deployment to the Caribbean Sea in August.

Maduro has been charged with narco-terrorism in the U.S. The CIA was behind a drone strike last week at a docking area believed to have been used by Venezuelan drug cartels in what was the first known direct operation on Venezuelan soil since the U.S. began strikes on boats in September.

U.S. President Donald Trump for months had threatened that he could soon order strikes on targets on Venezuelan land. The U.S. has also seized sanctioned oil tankers off the coast of Venezuela, and Trump ordered a blockade of others in a move that seemed designed to put a tighter chokehold on the South American country’s economy.

The U.S. military has been attacking boats in the Caribbean Sea and the eastern Pacific Ocean since early September. As of Friday, the number of known boat strikes is 35 and the number of people killed is at least 115, according to numbers announced by the Trump administration.

They followed a major buildup of American forces in the waters off South America, including the arrival in November of the nation’s most advanced aircraft carrier, which added thousands more troops to what was already the largest military presence in the region in generations.

Trump has justified the boat strikes as a necessary escalation to stem the flow of drugs into the U.S. and asserted that the U.S. is engaged in an “armed conflict” with drug cartels.

Meanwhile, Iranian state television reported on the explosions in Caracas on Saturday, showing images of the Venezuelan capital. Iran has been close to Venezuela for years, in part due to their shared enmity of the U.S.

Pedestrians walk past the Miraflores presidential palace after explosions and low-flying aircraft were heard in Caracas, Venezuela, Saturday, Jan. 3, 2026. (AP Photo/Cristian Hernandez)

Residents evacuate a building near the Miraflores presidential palace after explosions and low-flying aircraft were heard in Caracas, Venezuela, Saturday, Jan. 3, 2026. (AP Photo/Cristian Hernandez)

Smoke raises at La Carlota airport after explosions and low-flying aircraft were heard in Caracas, Venezuela, Saturday, Jan. 3, 2026. (AP Photo/Matias Delacroix)

Pedestrians run after explosions and low-flying aircraft were heard in Caracas, Venezuela, Saturday, Jan. 3, 2026. (AP Photo/Matias Delacroix)

Smoke raises at La Carlota airport after explosions and low-flying aircraft were heard in Caracas, Venezuela, Saturday, Jan. 3, 2026. (AP Photo/Matias Delacroix)

Smoke raises at La Carlota airport after explosions and low-flying aircraft were heard in Caracas, Venezuela, Saturday, Jan. 3, 2026. (AP Photo/Matias Delacroix)

Pedestrians run after explosions and low-flying aircraft were heard in Caracas, Venezuela, Saturday, Jan. 3, 2026. (AP Photo/Matias Delacroix)