Iger's tenure has been tumultuous, marked by criticism from investors and a contentious battle with activist shareholders over the company's performance.

Disney is set to announce a successor for outgoing CEO Bob Iger by early 2026, as confirmed by board member James P. Gorman.

Currently, Disney's stock is trading at less than half of its peak value during Bob Chapek's leadership, reflecting ongoing challenges.

Despite these challenges, Disney's stock reached an all-time high over $200 during Chapek's first year, largely due to the success of Disney+ and a favorable market.

The search for Iger's successor has been complicated by the strained relationship between Iger and Chapek, stemming from their differing leadership styles.

Among the potential internal candidates for the CEO position are Dana Walden, Alan Bergman, Josh D'Amaro, and Jimmy Pitaro, though no clear frontrunner has emerged.

Dana Walden, co-chair of Disney Entertainment, is considered a leading candidate and could become the first woman to serve as CEO in Disney's history.

Josh D'Amaro, who manages the theme parks and consumer products, is also in the running, although he lacks experience in television and film.

Parker's exit from the board follows a challenging year for Disney, including a successful activist proxy fight led by Nelson Peltz.

Iger's legacy will hinge on successfully managing this transition and ensuring Disney's continued growth amid shareholder pressures.

The succession planning committee has met multiple times this fiscal year, emphasizing the importance of a stable succession plan.

Disney's board is actively reviewing both internal and external candidates for the CEO position, with discussions ongoing at every fiscal 2024 meeting.