Bob Iger brings back 2 former execs who were previously considered for the Disney CEO position.
Bob Iger brings back 2 former execs who were previously considered for the Disney CEO position.
Disney Shake-Up: Mayer and Staggs’ Buzz on Wall Street
Disney’s recent announcement that former executives Kevin Mayer and Thomas Staggs are returning to the company as consultants has caused a stir on Wall Street. Mayer and Staggs, who founded Candle Media in 2021, will continue to run their own venture while providing their expertise to Disney. Interestingly, both Mayer and Staggs were once considered potential candidates for the role of Disney CEO, a position that ultimately went to Bob Chapek. With CEO Bob Iger’s contract set to expire in 2026, the search for his successor has already begun, and Mayer and Staggs are not out of the running.
Puck, the popular media outlet, was first to break the news of Mayer and Staggs’ consultation role at Disney. According to the report, the duo will be working closely with Bob Iger and Jimmy Pitaro, the head of ESPN, to discuss the future of linear properties such as ABC. This move suggests that Disney is open to reevaluating its traditional TV business, as hinted by Iger himself in a recent interview with CNBC.
During his CNBC interview, Iger highlighted the company’s willingness to make strategic changes, including the potential sale of ABC and other holdings, as Disney explores new opportunities in the ever-evolving entertainment landscape. The discussion of selling or spinning off cable holdings like FX or NatGeo is also on the table. This shift in strategy reflects Disney’s commitment to adapt and embrace new technologies and distribution models.
A significant aspect of Disney’s evolving strategy is the expansion of its ESPN streaming service. While Disney has not revealed potential partners, there have been talks with various companies that could enhance the service’s distribution and content offerings. Among the likely candidates are tech giants like Apple, Amazon, and Google, as they already hold rights to major sports franchises. However, ESPN’s head, Jimmy Pitaro, has also expressed interest in partnering with sports leagues directly.
As the search for Bob Iger’s successor continues, internal candidates within Disney, including Dana Walden and Josh D’Amaro, are being considered. However, Mayer and Staggs’ association with Disney sets them apart, making them potential contenders for the CEO position. Their deep understanding of the industry, combined with their successful track record, makes Mayer and Staggs valuable advisors in shaping Disney’s future.
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Overall, with Disney’s willingness to explore new possibilities and redefine its business portfolio, the consultancy role of Kevin Mayer and Thomas Staggs brings optimism and excitement to the company and Wall Street alike. The entertainment behemoth is determined to stay at the forefront of the industry by adapting to changing consumer preferences and expanding its digital offerings.
