Twilight of the star CEO

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.Average CEO tenure at S&P 500 companies has been dropping, recently standing at just over 7 years. Through the first nine months of 2025, some 1,650 U.S. CEOs left their jobs, per Challenger Gray & Christmas data. That's on par with the level of 2024, which was the highest in decades.