Nelson Peltz — the co-founder and CEO of Trian Fund Management who previously lost two proxy fights for a seat on Disney’s board — thinks Bob Iger chose Disney Experiences chair Josh D’Amaro as his successor so he would have an excuse to stick around.

Nelson Peltz

D’Amaro was chosen as CEO over Disney Entertainment co-chair Dana Walden, who will instead be named President and Chief Creative Officer.

“Iger needs a reason to stay on,” said Peltz in an interview at The Wall Street Journal’s Invest Live event. “And if he put the person in charge of entertainment as the CEO, he wouldn’t have an excuse to stay on.”

Peltz is alluding to Iger’s previous attempt at retirement. He first stepped down from the CEO position in 2020, leaving Bob Chapek in charge. He remained chairman of the board through 2021, then retired — only to return as CEO 11 months later when Chapek was fired.

Peltz predicts that Iger will eventually announce that “Josh doesn’t know anything about the movie business…Therefore, I’m gonna stay on and guide them.”

This problem was discussed extensively by experts leading up to Disney’s CEO announcement. While D’Amaro has no experience in the movie business, Walden has no theme park experience. Disney even reportedly considered making the pair co-CEOs.

D’Amaro will become CEO on March 18. Walden will step into her newly created position that same day. Iger will stay on as a senior advisor and board member until the end of his contract on December 31.

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