A few weeks ago, Bob Iger, the CEO of The Walt Disney Company, shared a breakfast with others at the Farmshop restaurant in Santa Monica, California, where the conversation turned tense in an instant.

During the breakfast, a participant mentioned that Josh D’Amaro, who oversees Disney's theme park operations, "would do well as CEO." According to attendees, Iger immediately showed his displeasure, raising his voice to emphasize that the board has not made a decision, and he also said he "didn't know" where that notion originated.

This incident reflects a growing consensus within and outside the company: many current and former executives and industry insiders believe that if a new CEO is announced as planned in early 2026, D’Amaro is a strong contender for the role. The board is currently focusing on four internal candidates, including D’Amaro, co-chair of entertainment Dana Walden, Alan Bergman, and ESPN head Jimmy Pitaro. Iger's contract is set to expire in December 2026.

While the board has disclosed the number of meetings held by the succession committee, it has not provided further details. This process is chaired by James Gorman, who, prior to joining Disney's board in February 2024, successfully led a prior leadership transition at Morgan Stanley. Disney did not comment on this matter.

D’Amaro has headed the department since 2020, which is Disney's most profitable segment. The "experiences" division encompasses theme parks, cruises, and consumer products, all of which have been growing yearly since the pandemic.

As of the first nine months of fiscal 2025, this division’s profit has reached $8.12 billion, surpassing the combined profit of Disney’s television, film, streaming, and sports businesses by a third. The latter segment has faced challenges in recent years and continues to adapt to a time when many consumers watch traditional TV or attend theaters less frequently than before.

Currently, this succession race is widely viewed as a "showdown" between two frontrunners: the 54-year-old D’Amaro and Iger, who is exactly 20 years his senior. Competing against him is Walden, who primarily oversees television operations. According to several Disney executives, who wished to remain anonymous due to the sensitivity of potential future leadership discussions, Bergman and Pitaro are generally considered the less likely candidates.

In recent months, D’Amaro has showcased a "presumptive CEO" demeanor during several interactions with investors, employees, and the broader entertainment industry.

In July, he appeared alongside Iger and Mickey Mouse at the New York Stock Exchange to celebrate Disneyland’s 70th anniversary. That same month, he attended two movie premieres in Los Angeles on consecutive nights.

In May, D’Amaro participated in a Q&A session at the MoffettNathanson investor conference and later attended a Netflix advertising event, engaging with its executive team. In March, he shared the stage with Bergman at the South by Southwest (SXSW) festival to discuss the future of storytelling.

Both Walden and Bergman have also delivered impressive results, with both playing significant roles in turning around Disney+ to profitability after years of losses. Walden has actively engaged with Wall Street, participating in a panel discussion at Morgan Stanley's Media and Tech Conference in March 2025 and appearing on CNBC's "Mad Money" in May.

Recently, Walden played a key role in the decision to suspend Jimmy Kimmel’s late-night show due to his controversial comments about activist Charlie Kirk's death. She not only led the suspension decision but was also involved in internal discussions that brought the program back a few days later.

Pitaro attended a Bank of America conference in September, shortly after launching a new streaming version of ESPN.

According to insiders, a recurring theme in discussions among Disney executives regarding succession is D’Amaro's deep understanding of Disney's culture. He has been with the company for nearly 30 years, whereas Walden joined after Disney acquired Fox's entertainment business for $71.3 billion in 2019.

Several interviewees noted that although D’Amaro has never overseen Disney's film and television divisions, he interacts with the heads of these divisions almost daily and is well-liked among his peers.

In March 2025, Disney's top 300 managers gathered for a closed-door executive retreat in Florida. The four department heads were given equal time to present their businesses and outline their visions for the company's future. According to multiple attendees, D’Amaro's presentation was particularly inspiring, discussing how the "experiences" division could unlock the immense potential of Disney's brand and entertainment IP, resonating with many.

During a pickleball doubles match held during the retreat, D’Amaro lost to two executives from the film and television divisions. Colleagues joked about being surprised, as they initially thought D’Amaro would win any competition he participated in.