Good morning. Every CEO has three basic tasks: Set the strategy and vision of their company, hire the leadership team to execute on that, and create the conditions to successfully replace themself.
That last part can be awfully hard to do. Power is intoxicating. Most of us like to think we’re irreplaceable. And good intentions don’t always lead to good practices.
So let’s look at how a veteran is handling that task. Disney CEO Bob Iger announced this week that he’s stepping down nine months before his contract ends, though he’ll stay on through the end of the year as a senior advisor. The goal is to give successor Josh D’Amaro some time to settle and then a clean break to set his own path.
That’s different from the last time Iger stepped down in early 2020, an exit that had already been delayed four times. He stayed on as executive chairman for two years, then cut all ties, only to return as CEO in November 2022 after Bob Chapek was suddenly ousted. In addition to raising questions about the board, at least from me, the drama reinforced the myth that, when it comes to running Disney, as they say in the movie Highlander (now streaming everywhere but Iger’s channels), there can be only one. So what are the takeaways this time?
