"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."
CEOs must set strategy, hire the leadership team, and create conditions for a successor to thrive. Succession is difficult because power can be intoxicating and leaders often view themselves as irreplaceable. Bob Iger will step down nine months early and remain through year-end as a senior advisor to give Josh D'Amaro time to settle and then allow a clean break. Iger previously delayed departure, stayed as executive chairman for two years, cut ties, and later returned as CEO after Bob Chapek's ouster. Returning celebrated CEOs often face diminished results, illustrating risks of repeated leadership come-backs.
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