Walt Disney has appointed Josh D’Amaro, the head of its amusement park business, as its new chief executive, ending a long-running succession process as the company continues to adjust its strategy around streaming, media, and its parks division.
Leadership Change And Timeline
D’Amaro, a 28-year veteran of the company, will replace current chief executive Bob Iger and is due to start in the role on 18 March. The appointment marks a return to internal promotion for Disney, with the board selecting a leader from the part of the business that has delivered the most consistent profits in recent years.
The decision concludes a succession question that has followed Disney for years. Iger has led the company for roughly two decades, apart from a brief period that ended in 2022 when the board removed his successor and asked him to return.
Iger’s Recent Restructuring
After coming back to the role, Iger moved to restructure the company, focusing on reducing rising costs in the streaming, television, and film businesses, restoring momentum at ESPN, and expanding Disney’s parks and cruise operations.
In the announcement, Iger said he was “proud to step away at a moment when Disney’s future has never been brighter.”
D’Amaro’s Background And Current Role
D’Amaro joined Disney in 1998 at Disneyland Resort and later rose to become chairman of the Disney Experiences division. The unit employs about 185,000 people and generated $36bn in revenue last year.
In his current position, the 54-year-old oversees 12 theme parks and 54 resorts worldwide. His responsibilities have included major projects such as World of Frozen and Star Wars: Galaxy’s Edge, as well as digital initiatives including Disney’s collaboration with the company behind Fortnite.
In an interview on CNBC, Disney board chair James Gorman said D’Amaro brings both financial experience and what he described as a strong creative touch.
Political And Market Pressures
D’Amaro takes over at a time when US media companies are facing increased political scrutiny. Disney has been a frequent target of criticism from Republicans, including Florida Governor Ron DeSantis, over what they describe as the company’s promotion of “woke” values.
More recently, Disney drew attention after it temporarily suspended comedian Jimmy Kimmel, a move linked to comments about the killing of conservative activist Charlie Kirk.
The company’s US parks business has also faced criticism over rising visitor costs. At the same time, investors have expressed frustration with Disney’s share price, which has lagged behind other publicly listed companies. Disney shares fell 1% in early trading after the leadership announcement.
Compensation Details
According to company filings, D’Amaro will receive a $2.5m base salary, along with Disney shares worth at least $26.3m per year. He has also been granted a bonus award valued at $9.7m for this year in connection with the new role.
New Creative Leadership Role
Disney also announced that Dana Walden, currently co-chair of its entertainment business, will move into a new role as chief creative officer, reporting directly to D’Amaro.
Walden had been widely seen as D’Amaro’s main rival for the top job. She is also known publicly for her friendship with former Vice President Kamala Harris.
Lessons From The Previous Transition
The company is seeking to avoid a repeat of its 2020 leadership transition. That year, Disney promoted Bob Chapek, who had also been running the theme parks business, to chief executive. Within weeks, the Covid-19 pandemic forced widespread closures.
Chapek’s time in the role was marked by pressure on the content side of the business, rising costs, and several public disputes, including a high-profile clash with actress Scarlett Johansson.
Analyst View On The Challenge Ahead
Analyst Paolo Pescatore said that while the parks business has delivered strong profits, Disney’s long-term performance depends heavily on its content operations.
He said Disney cannot afford another difficult leadership transition and added that while D’Amaro’s promotion reflects confidence in his management of the Experiences division, the company’s core content capabilities remain central to its future performance.
Featured image credits: Public Domain Pictures
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