The Walt Disney Company is on the verge of appointing Josh D’Amaro, the head of its lucrative theme parks division, as the new chief executive officer, marking a significant leadership transition as longtime CEO Bob Iger prepares to step down. This move, reported by multiple news outlets, brings clarity to a prolonged succession search that has captivated the entertainment industry.
D’Amaro, 54, has been with Disney since 1998 and has led the Parks, Experiences and Products segment since 2020, a unit that contributes substantially to the company’s profits. His expected promotion comes after months of speculation, with insiders noting his steady hand in navigating the post-pandemic recovery of Disney’s global resorts and cruise lines. The board’s decision is seen as a vote of confidence in his operational expertise and deep understanding of Disney’s core businesses.
The succession process has been closely watched, with D’Amaro emerging as the frontrunner over other top contenders, notably Dana Walden, co-chair of Disney’s entertainment division. Walden was considered a strong candidate due to her creative background and leadership in television and streaming, but recent controversies, including a public dispute over ‘Jimmy Kimmel Live!’, may have influenced the board’s leaning towards D’Amaro. This internal competition highlights the diverse skill sets within Disney’s executive ranks.
Bob Iger, 74, who has served as CEO intermittently since 2005, announced his planned departure last year, setting the stage for this transition. His return to the helm in 2022, after the brief tenure of successor Bob Chapek, underscored the challenges of finding a stable leader for the media giant. Iger’s legacy includes major acquisitions like Pixar, Marvel, and Lucasfilm, but also pressures from activist investors and shifting consumer habits.
The appointment of D’Amaro is expected to be finalized this week, with the board scheduled to meet on Tuesday and Wednesday to vote on the matter. According to sources, the decision could still change, but D’Amaro is widely anticipated to take the reins by the end of the year. This timing aligns with Disney’s strategic planning cycles and aims to ensure a smooth handover.
From a financial perspective, D’Amaro’s division recently reported over $10 billion in quarterly revenue for the first time, though analysts warn of potential slowdowns in park attendance. His leadership will likely focus on sustaining growth in experiences while navigating challenges in streaming and linear television. Investors have shown mixed reactions, with Disney’s shares experiencing volatility amid the succession news.
Looking ahead, D’Amaro’s elevation signals a continued emphasis on Disney’s physical assets and consumer products, which have been profit engines. However, he will also need to address broader industry shifts, including digital transformation and content competition. The board, led by chairman James Gorman, has emphasized the importance of a seamless transition to maintain stability.
In conclusion, this CEO succession represents a pivotal moment for Disney, with Josh D’Amaro poised to steer the company into its next chapter. His background in operations and experiences may shape Disney’s future strategy, as it balances tradition with innovation in an evolving media landscape.
