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Bob Iger’s longtime billionaire nemesis, Nelson Peltz, is unimpressed with Disney’s new CEO

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Close to two years after losing a proxy fight to longtime Disney boss Bob Iger, billionaire investor Nelson Peltz is still a skeptic.

Activist investor and Trian Partners founder Nelson Peltz said at a Florida event on Tuesday that Disney picked Josh D’Amaro as its new CEO because “Iger needs a reason to stay on.”

By Peltz’s telling, D’Amaro’s lack of entertainment experience — he has run the parks and experiences side of the Mouse House since 2020 — will give Iger an excuse to stick around.

Peltz said to expect an announcement from Iger saying, “Josh doesn’t know anything about the movie business, the entertainment business; therefore, I’m going to stay on and guide him.”

“Poor Josh,” Peltz said, with a laugh.

D’Amaro’s appointment as CEO was approved by Disney’s board in a unanimous vote led by former Morgan Stanley CEO James Gorman, who managed his own succession at the bank.

D’Amaro “demonstrated a strong vision for the company’s future and a deep understanding of what makes Disney unique in an ever-changing marketplace,” Gorman said in a statement, and the division he leads was more than 70% of the company’s operating income last quarter. Iger, meanwhile, called D’Amaro the “right person to become our next CEO.”

Iger will remain at the company in a senior advisor role until the end of the year. This is Iger’s second retirement from Disney. He previously tapped Bob Chapek, who’d also run Disney’s experiences business before becoming CEO in early 2020. Iger returned from retirement in 2022 after Chapek’s bumpy, tumultuous tenure.

Peltz waged a proxy battle with Disney to gain board seats in early 2024, while criticizing its streaming division’s losses, unstable stock, and uncertain succession plans. He sold his Disney shares after shareholders voted to support Iger.

Peltz said D’Amaro has his work cut out for him when he takes over on March 18.

“I hope he’s given the opportunity to do it,” Peltz said.




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McKinsey CEO Bob Sternfels says AI is changing how the firm views the perfect job candidate

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Landing a job at McKinsey & Company has never been easy. The firm has long been known for recruiting top talent from top schools and leading industry experts.

AI, however, is forcing the firm to rethink the types of applicants it considers in the hiring process, CEO Bob Sternfels said.

On Harvard Business Review’s IdeaCast podcast this week, Sternfels said the firm used AI to analyze its past 20 years of hiring data to understand where it may have overlooked talent for its coveted class of partners.

The firm found that applicants who had setbacks and recovered were more likely to become partners. So, now, Stenfels said, the firm looks for resilience in its interview process.

“It turned out we had some bias in our system,” he said, adding that the firm was too focused on whether candidates had “perfect marks” instead of how they bounced back from difficulties.

In December, the firm promoted about 200 employees to partner — one of the smallest classes in years, The Wall Street Journal reported. In 2022, it promoted about 400 people to partner.

McKinsey partners typically earn under $500,000 in base pay, but they can expect to earn hundreds of thousands more in bonuses and profit sharing.

McKinsey receives about 1 million résumés annually. In 2024, the firm told Business Insider that it planned to hire about 1% of applicants, in line with 2023.

The firm’s spokesperson also said at the time that it looks for “distinctive students just starting their careers” and experts in industries ranging from technology to finance to law.

The company also looks for strong problem-solving skills, which it gauges through a game-based assessment called Solve.

To help candidates prepare, the company offers candidates resources ahead of time.

“This helps to ensure candidates from any background — regardless of whether they have exposure to resources like consulting clubs — can demonstrate their distinctiveness in our process,” the firm told Business Insider.




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