Twilight of the star CEO
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Apple CEO Tim Cook, Disney CEO Bob Iger and Walmart CEO Doug McMillon. Photos: Getty Images
Tim. Bob. Doug.
- On Wall Street, in Washington, in the halls of corporate America, they don't need last names. Everyone just knows: Apple CEO Tim Cook, Disney CEO Bob Iger, Walmart CEO Doug McMillon — all stars of the business set, and all preparing to leave the stage.
Why it matters: Some of the world's best-known leaders are leaving the next generation to sort out historic technological, political and economic changes.
- And at a fraught moment for the American economy, an unusual number of globally iconic brands are getting new leadership — complicating what was already certain to be an uncertain 2026.
Driving the news: Walmart said Friday that McMillon, CEO since 2014, would step aside early next year in favor of long-time lieutenant John Furner.
- The Financial Times reported late Friday night that Apple's board is accelerating plans to replace Cook, CEO since 2011, as early as next year.
- Disney is working toward replacing Iger as CEO (again) early next year, and he's been more vocal about the coming change in recent days, discussing his impending exit on a British podcast.
The big picture: These leaders matter globally.
- About one in every five people worldwide uses an Apple iPhone.
- About one in every 50 people on Earth visits a Disney property each year.
- Walmart is the world's largest retailer.
"Because of the company's place in the world," Iger said on the podcast, "I think the person running the company has a special responsibility of sorts, to maintain Disney's position in the world as a beloved company, as an admired company, as a company that entertains really the world, everyone of all ages and from all different walks of life."
By the numbers: The changes matter hugely to investors, too.
- Apple shares have grown about 20x since Cook became CEO. Walmart has risen 4x under McMillon. Disney is up about 16% since Iger returned in late 2022, but is up about 5x since he first took over in 2005.
- If you bought all three stocks on Feb. 1, 2014 — the date McMillon took over, with Cook and Iger already in charge — you'd mostly have beaten the broader market up to last Friday.
The intrigue: It's becoming more unusual for chief executives to last this long.
