From CFO to CEO: Gunnar Wiedenfels to lead global networks company after Warner Bros. Discovery’s 2026 split

Good morning. Three years after its formation through a merger, Warner Bros. Discovery is splitting up, and its CFO is stepping into his first CEO role.

The media and entertainment giant announced on Monday that it will separate into two publicly traded companies through a tax-free transaction. Gunnar Wiedenfels, CFO since 2022, will become CEO of global networks, the new company that will include cable channel businesses CNN, TNT, TBS, Discovery, and more.

David Zaslav, president and CEO of Warner Bros. Discovery (No. 114 on the Fortune 500), will lead the streaming and studios company, which will oversee movie properties and the HBO Max streaming service. Both Wiedenfels and Zaslav will remain in their current roles until the split, expected by mid-2026.

“By operating as two distinct and optimized companies, we’re giving these iconic brands the focus and flexibility they need to compete in today’s evolving media landscape,” Zaslav said in a statement.

As of Q1 2025, Warner Bros. Discovery’s debt is about $37.4 billion. A $17.5 billion bridge loan from JPMorgan will help refinance existing debt ahead of the split. Wiedenfels will oversee a large portion of this debt as CEO of global networks. “It’s safe to assume that the majority of the debt is going to live with global networks and a smaller—but not insignificant—portion with streaming and studios,” he told investors on Monday during a call.

Once the separation is complete, neither company will face restrictions on pursuing new transactions. Global networks will retain up to a 20% stake in streaming and studios.

“We have long viewed exploring strategic alternatives, including today’s announced spin, as the best way to unlock the company’s significant unrecognized value,” wrote Jessica Reif Ehrlich, a Bank of America Securities research analyst, in a Monday note. BofA Securities maintains a buy rating and a $14 price target for the stock.

From CFO to CEO

Before the April 2022 merger that created Warner Bros. Discovery, Wiedenfels was CFO at Discovery, Inc., joining in 2017 after serving as CFO of ProSiebenSat.1 Media in Germany. This will be his first CEO role.

Zaslav referred to him as “hugely talented” on Monday’s call, noting his broad and diverse skill set and significant impact both financially and strategically. Wiedenfels thanked Zaslav and the board for their confidence in him.

I asked Scott Simmons, co-managing partner at executive search firm Crist Kolder Associates, what companies look for in leadership during spinoffs. “The most important requirements for success in a spinoff are the ability to stand up functions and build strong teams,” he said. “Executives at spinoffs are focused on establishing a new identity for the company.” He also noted that Wiedenfels’ move from CFO to CEO reflects a broader trend. “CFOs continue to evolve into broad-based operating leaders, far from the ‘bean counter’ image of the past,” he said.

Wiedenfels appears ready for the challenge. “I truly cannot wait to get started, and I’m as excited as ever to hit the ground running,” he said on the call.

Sheryl Estrada
sheryl.estrada@fortune.com

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This story was originally featured on Fortune.com