The Walt Disney Company has ended its nearly three-year search for a successor to legendary CEO, Bob Iger. Josh D’Amaro, a longtime company veteran who has led Disney’s theme park business since 2020, will step into Iger’s shoes after a unanimous vote, the company announced today (Feb. 3). He will officially assume the role on March 18, when Disney is scheduled to hold its annual shareholder meeting, and will join the company’s board.
The confirmation follows Iger’s hint at a “possible transition” during Disney’s quarterly earnings call yesterday, and reports from outlets like Bloomberg that D’Amaro’s hiring is imminent.
D’Amaro currently runs Disney’s most profitable division. In the most recent quarter ended Dec. 27, Disney’s business, which includes global theme parks, resorts, and cruise lines, generated a record $10 billion in revenue, accounting for 38 percent of the company’s total revenue. This division brought in 71 percent of Disney’s total operating profit.
D’Amaro, 54, joined Disney in 1998 at the Disneyland Resort. He has held numerous leadership roles, including chief financial officer of Disney Consumer Products Global Licensing, vice president of Disney’s Animal Kingdom, president of Disneyland Resort in California and president of Walt Disney World Resort in Florida.
In 2020, he was named chairman of Disney Experiences (formerly Disney Parks, Experiences and Products), reporting directly to Iger. In that role, D’Amaro oversaw a $60 billion expansion plan launched through 2023 to grow attractions, cruise ships and visitor experiences around the world. He also played a key role in Disney’s $1.5 billion deal with Epic Games last year, which gave the company an equity stake in the Fortnite maker.
D’Amaro is known for his leadership style, frequently visiting Disney parks and engaging directly with front-line employees and guests.
“Josh D’Amaro has that rare combination of inspirational leadership and innovation, a keen eye for growth opportunities, and a deep passion for the Disney brand and its people – all of which make him the right person to take over as Disney’s next CEO,” Disney Chairman James Gorman said in a statement today.
Still, D’Amaro’s appointment comes with a glaring gap: he has no specific experience managing a television or film business, an area where Disney continues to face challenges. Although Disney’s streaming division recently turned a profit, its future remains uncertain amid growing competition and rising content costs.
“We’ve made great progress in turning the broadcast business into a profitable business,” Iger said during yesterday’s earnings call. “When I came back three years ago, I had a lot of money that needed to be fixed. But anyone who runs a company knows that it can’t be about fixing. It has to be about preparing the company for its future and really putting steps to open opportunities for growth.”
As CEO, D’Amaro will be tasked with expanding Disney’s streaming services, completing the rollout of ESPN’s independent platform, and building partnerships that push Disney’s vast library of characters into new digital and interactive frontiers.
