The Magic Kingdom will quickly have a brand new monarch.
The Walt Disney Co. introduced Tuesday that theme parks chief Josh D’Amaro will succeed Bob Iger, the corporate’s longtime chief government, on March 18. The transfer successfully closes the curtains on some of the carefully watched succession sagas in company America.
D’Amaro is about to take management of a sprawling leisure empire that features the Pixar and Marvel studios, the “Star Wars” franchise, the ABC broadcast community, the streaming platforms Disney+ and Hulu, a storied library of basic motion pictures and theme parks all over the world.
“Josh D’Amaro is an distinctive chief and the suitable particular person to change into our subsequent CEO,” Iger stated.
In an announcement, D’Amaro stated he was “immensely grateful to the Board for entrusting me with main an organization which means a lot to me and tens of millions all over the world.”
Dana Walden, a prime government who presently oversees Disney’s tv and streaming models, will change into president and chief inventive officer, the company introduced. She was broadly considered as one of many different contenders for the CEO function.
The announcement comes throughout a turbulent time for the leisure enterprise and a transitional second for Hollywood. Disney and different legacy studios are grappling with the decline of broadcast tv viewership, the rise of generative synthetic intelligence, labor union unrest and scrutiny from Trump administration regulators.
D’Amaro is the chairman of a company unit often called Disney Experiences, a task that offers him broad oversight over the corporate’s cruise ships, resorts, sights and client applied sciences. He oversees a dozen theme parks and practically 60 resort resorts throughout the U.S., Europe and Asia, in addition to a deliberate theme park in Abu Dhabi, United Arab Emirates.
Disney’s parks enterprise has excelled beneath D’Amaro’s management. In its most up-to-date earnings report, launched Monday, the home parks unit noticed report quarterly income within the three months ending Dec. 27, whereas attendance and visitor spending additionally grew yr over yr.
Outdoors of parks and cruises, D’Amaro additionally leads Disney’s client merchandise unit, which handles its profitable licensing enterprise for kids’s toys, attire and residential merchandise, in line with his on-line company profile.
D’Amaro, who joined the corporate in 1998 with a task at Disneyland Resort, rose via the ranks of the Mouse Home over a long time. He beforehand was chief monetary officer of Disney client merchandise international licensing, president of Disneyland Resort and president of Walt Disney World Resort.
Iger’s deliberate departure will mark the top of his second stint at Disney. He returned as CEO in late 2022, two years after he stepped down, following the board’s resolution to oust his handpicked successor, Bob Chapek, amid inner dissatisfaction along with his administration.
Disney’s board stated on the time that Iger had signed on for 2 years and could be requested to “work carefully with the Board in growing a successor to guide the Firm on the completion of his time period.” The board voted unanimously in 2023 to increase his tenure via Dec. 31, 2026.
“On behalf of the whole Board, we lengthen our deepest gratitude to Bob Iger for his extraordinary management and dedication to The Walt Disney Firm,” stated James Gorman, the Disney chairman.
Disney stated Iger will proceed to function a senior advisor and a member of the board till his retirement from the corporate on December 31.
Within the run-up to Disney’s succession announcement, D’Amaro was reportedly considered as a prime candidate alongside Dana Walden, a co-chairman of Disney Leisure, and Jimmy Pitaro, the chairman of ESPN.
This can be a growing story. Please test again for updates.
