Josh D’Amaro, who presides over Disney’s parks division, will succeed Bob Iger as the next chief executive officer of The Walt Disney Company next month.
Dana Walden, the head of Disney’s TV and streaming division who was considered the other top candidate for CEO, will become the company’s president and chief creative officer.
announced the succession plan this Tuesday morning (3), putting an end to years of speculation about who would take over from Iger, 74, at the helm of one of the largest entertainment companies in the world.
D’Amaro, 54, is the second head of the parks division to ascend to the top job, after Bob Chapek, whose brief tenure as CEO interrupted Iger’s two stints leading the company.
Iger handed over the role to Chapek in 2020, but soon fell out with his successor, causing a behind-the-scenes power struggle that ended with Iger’s return as CEO in 2022.
This turbulent chapter for Disney has increased pressure on the succession process.
“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said in a statement. “He has an instinctive appreciation for the Disney brand and a deep understanding of what resonates with our audiences, combined with the rigor and attention to detail needed to deliver some of our most ambitious projects,” he highlighted.
“His ability to combine creativity with operational excellence is exemplary and I’m very happy for Josh and the company,” added Iger.
D’Amaro’s promotion to CEO emphasizes the importance that theme parks and cruises have become for Disney.
The company is investing tens of billions of dollars to expand the parks and build more ships, recognizing the growing demand for in-person experiences and believing that attractions strengthen customers’ bond with the Disney brand as a whole.
D’Amaro was with Iger last month on a visit to Disney’s planned resort in Abu Dhabi, the first new theme park in 15 years, according to a person close to both of them. CNN.
In the conference call on Monday (2), Iger praised the company’s parks business.
“When you look at the scope of the business today, it has never been so broad or diverse, and the projects we have underway will make it even bigger,” Iger pointed out. “Looking ahead, I’m very optimistic about this business and its ability to grow.”
This Tuesday morning (3), the Disney Board announced that D’Amaro will take office on March 18, after the company’s annual meeting.
Iger, in turn, will remain a senior consultant and member of the Board until his retirement, which will take place at the end of his contract, on December 31st.
Disney Chairman James Gorman said Tuesday morning on CNBC that while Iger believed he could remain CEO until the end of the year, “he had developed the talent” needed to replace him and felt that leaving the role “sooner would be better.”
Disney also stated that Walden’s new role is a “historical milestone.”
She will “ensure that storytelling and creative expression across all audience touchpoints consistently reflects the brand, engages audiences at scale, and drives key business objectives, while driving enterprise-wide initiatives and translating vision into action,” the company stated.
