BURBANK, Calif. — The Walt Disney Company announced on Wednesday that Josh D'Amaro, a longtime executive with deep roots in the company's operations, will succeed Bob Iger as chief executive officer, effective March 18. The move marks the end of Iger's latest stint at the helm of the entertainment giant, which he has led through multiple eras of transformation, including the streaming wars and recent box office recoveries.
According to a statement from Disney, D'Amaro's appointment comes after 28 years of service with the company, where he has risen through the ranks to become chairman of Disney Experiences. In that role, he has overseen the parks, resorts, consumer products, and entertainment segments, navigating challenges like the COVID-19 pandemic that shuttered theme parks worldwide and forced a pivot to virtual experiences.
Bob Iger, who first became CEO in 2005, returned to the position in November 2022 following the brief tenure of Bob Chapek. Under Iger's leadership during his initial run, Disney acquired Pixar in 2006, Marvel Entertainment in 2009, Lucasfilm in 2012, and 21st Century Fox's film and TV assets in 2019, expanding the company's intellectual property empire. His second act has focused on cost-cutting, with Disney laying off thousands of employees and scaling back on some original content production to stem losses in its streaming division.
The announcement was first reported by NBC News, which detailed that D'Amaro's succession had been in the works amid Iger's repeated assurances that he would step down once a suitable successor was identified. Disney's board, chaired by Mary Barra of General Motors, conducted an extensive search, considering external candidates but ultimately selecting from within, sources familiar with the process said.
D'Amaro joined Disney in 1996 as part of the company's legal team and has held various leadership positions, including general counsel for the parks and resorts division. He played a key role in the development of Shanghai Disneyland, which opened in 2016, and has been instrumental in integrating new technologies like virtual reality into park attractions. Colleagues describe him as a steady hand with a passion for the Disney brand's magic.
"Josh has been a driving force behind the success of Disney Experiences for many years," Iger said in the company's official release. "His deep understanding of our business, combined with his proven leadership, makes him the ideal person to lead Disney into its next chapter."
The transition comes at a pivotal time for Disney, which reported fiscal first-quarter earnings in February that beat Wall Street expectations, thanks in part to strong performances from films like "Deadpool & Wolverine" and improved profitability in its direct-to-consumer segment. However, the company faces ongoing pressures, including cord-cutting in linear TV, competition from Netflix and Amazon in streaming, and activist investor Nelson Peltz's recent failed proxy battle to gain board seats and push for strategic changes.
Peltz, through his Trian Fund Management, had argued that Disney needed fresh leadership to address underperformance in its media networks and streaming businesses. Although Disney's shareholders rebuffed his bid in April, the episode highlighted internal tensions and the high stakes for Iger's successor. Analysts note that D'Amaro's experience in the experiential side of the business could bring a fresh perspective, emphasizing live events and merchandise over purely digital content.
Disney's stock rose about 2% in after-hours trading following the announcement, reflecting investor confidence in the smooth handover. The company, headquartered in Burbank, employs over 200,000 people globally and generates annual revenue exceeding $88 billion, with theme parks contributing a significant portion—around 30%—of its income.
Looking back, Iger's tenure has been marked by both triumphs and turbulence. He steered Disney through the launch of Disney+ in 2019, which quickly amassed over 150 million subscribers worldwide, but also through subscriber losses and price hikes aimed at profitability. The acquisition of Hulu's full control from NBCUniversal in 2023 further solidified Disney's streaming portfolio.
D'Amaro, 62, is expected to maintain continuity while addressing key challenges. Insiders report that he has already been involved in strategic planning sessions, focusing on enhancing guest experiences at parks like Walt Disney World in Florida and Disneyland in California, where attendance has rebounded post-pandemic but faces labor issues and rising operational costs.
The entertainment industry at large is watching closely, as Disney's moves often set trends. For instance, the success of its parks division, which saw record revenues in 2023, contrasts with Hollywood's broader strikes in 2023 that disrupted production. D'Amaro's background in operations could help in negotiating with unions and investing in employee training.
As for Iger, he will transition to executive chairman, advising on creative endeavors and major acquisitions. This arrangement allows for a phased exit, similar to his initial retirement plan in 2021 that was later reversed due to the pandemic's impact.
Broader implications for Disney include potential shifts in content strategy. With D'Amaro at the top, there may be greater emphasis on family-friendly, immersive storytelling that ties parks to films and series, potentially boosting cross-promotion. Analysts from firms like MoffettNathanson predict that this could help Disney regain its creative edge amid competition from Universal's Epic Universe project set for 2025.
What's next remains to be seen, but the board expressed optimism. "We are confident in Josh's ability to build on the strong foundation Bob has established," said Mary Barra in a statement. As Disney prepares for its annual shareholder meeting in March, all eyes will be on how D'Amaro charts the course for the House of Mouse in an era of technological disruption and evolving consumer habits.