Walt Disney on Tuesday announced that Josh D’Amaro, head of its theme parks division, will become the company’s next chief executive officer, ending a prolonged period of leadership uncertainty and installing a veteran insider at a time when artificial intelligence and market consolidation are reshaping the media landscape.
D’Amaro, 54, is set to succeed Bob Iger, 74, at the company’s annual shareholders’ meeting on 18 March.
Iger — celebrated for defining the modern Disney era through the acquisitions of Pixar, Marvel, and 21st Century Fox — will transition into a senior advisory role and remain on the board until his formal retirement on 31 December.
Disney additionally appointed entertainment co-leader Dana Walden, a creative executive often compared to Iger for her track record of critical successes and deep industry connections, as president and Chief Creative Officer.
Walden was considered a top contender for the chief executive position alongside entertainment Co-Chairman Alan Bergman and ESPN President Jimmy Pitaro.
Succession was a challenge
Succession has historically been a challenge for the iconic media giant; the company postponed Iger’s departure multiple times and reinstated him in 2022 to replace his chosen successor, Bob Chapek, after pandemic-related issues impacted the business. To prevent further instability, Disney recruited Morgan Stanley veteran James Gorman as chairman in 2024 to lead the CEO search.
Gorman, known for managing a seamless transition at the financial institution, took the role after Disney extended Iger’s contract for a fifth time through 2026.
"Josh has demonstrated a strong vision for the company's future and a deep understanding of the creative spirit that makes Disney unique," Gorman said in a statement on Tuesday.
Walt Disney stock fell 1.7% following Tuesday's announcement.
By selecting D'Amaro, Disney is elevating a nearly thirty-year veteran who manages its most profitable sector — the experiences division, which encompasses theme parks and cruise lines and has seen consistent growth since the 2021 pandemic recovery.
Last year, that segment achieved a record operating profit of nearly $10 billion, accounting for roughly 60% of the company's total earnings.
D'Amaro is currently spearheading a regional expansion into the Middle East with a planned theme park in Abu Dhabi, the United Arab Emirates' capital, marking Disney's first major park project in nearly a decade.
However, a slowdown in international tourism to the US is impacting the parks sector; Disney shares dropped over 7% Monday after the company said this "headwind," despite overall financial results surpassing estimates. While D'Amaro is frequently seen at Disney's Florida resorts, analysts suggest he has little presence in Hollywood.
This may prove challenging as he navigates an industry facing disruption from generative AI tools that are beginning to automate creative processes.
The announcement's timing is critical, occurring just months before major industry labour agreements with writers and actors expire in May and June, triggering new contract negotiations.