🐭 America’s Next Top Iger

On the hunt for Bob 3… The Mouse House finally has a plan for finding its next big cheese. Disney yesterday said it'll name a replacement for legendary CEO Bob Iger in early 2026 (FYI: Iger oversaw Disney acquisitions including Pixar, Marvel, and Lucasfilm). He said he’s definitely calling it quits, but some insiders have their doubts: he delayed his first retirement four times, and then returned after just two years in 2022 after his replacement, Bob Chapek, was ousted.

• High stakes: Iger’s last retirement didn’t go well. Under Chapek, Disney’s shares tumbled from a peak of $200 to $85, with investors criticizing several of the company’s moves.

• Not so magic: Iger, who’s said he’s “obsessed” with his succession, hasn’t had an easy comeback. Hollywood strikes, box-office flops, underperforming parks, and activist-investor battles have dampened business.

• Up next: Several Disney division heads are believed to be at the top of the “Next Iger” list, including the chair of TV and the head of parks and experiences.

Heavy lies the crown… More companies have been struggling to find the right leader fit. There were 1.3K chief-exec departures in the first half of this year, the highest rate since at least 2015. About 40% of this year’s CEO exits have been firings or force outs. Execs aren’t given much time in the corner office either: since the pandemic, the average big boss’s tenure has halved from 12 years to about 6.

What you bring to the tray table… Boeing’s proposing a 35% pay hike over four years to 30K+ of its factory workers, who’ve been on strike for five weeks. The jet manufacturer and its machinists’ union reached the tentative deal on Saturday, and Boeing’s striking workers are set to vote on it tomorrow. The beleaguered plane maker is hoping employees will agree to the deal as it seeks to end a strike that’s halted most of its production. But the proposed pay falls short of the 40% hike the union demanded.

• Boeing stock flew up yesterday as investors saw a resolution on the horizon, but it’s TBD whether workers will approve the deal. Last month the union rejected Boeing’s “best and final” offer of a 30% pay hike.

• Busy day: Boeing’s also expected to report Q3 earnings tomorrow. Its deliveries rose from last year, but it’s expected to see the biggest brunt of the strike this quarter.

Reaching crisis altitude… There’s a lot on the line for Boeing and the companies that depend on it. The strike cost the aviation icon an estimated $5B in the first four weeks, and it could lose an additional billion for every month it goes on. Boeing suppliers have lost an estimated $900M, and its airline customers have racked up $285M in losses as deliveries get delayed. Last week Boeing said it would lay off 10% of its workers and try to raise up to $25B as it looks to avoid a cash crunch. It’s sitting on $60B in debt, and its credit score could get downgraded to junk status.