Walt Disney on Tuesday introduced that Josh D’Amaro, head of its theme parks division, will turn into the corporate’s subsequent chief govt officer, ending a chronic interval of management uncertainty and putting in a veteran insider at a time when synthetic intelligence and market consolidation are reshaping the media panorama.
D’Amaro, 54, is about to succeed Bob Iger, 74, on the firm’s annual shareholders’ assembly on 18 March.
Iger — celebrated for outlining the trendy Disney period by means of the acquisitions of Pixar, Marvel, and twenty first Century Fox — will transition right into a senior advisory function and stay on the board till his formal retirement on 31 December.
Disney moreover appointed leisure co-leader Dana Walden, a artistic govt usually in comparison with Iger for her observe report of essential successes and deep business connections, as president and Chief Inventive Officer.
Walden was thought of a prime contender for the chief govt place alongside leisure Co-Chairman Alan Bergman and ESPN President Jimmy Pitaro.
Succession was a problem
Succession has traditionally been a problem for the enduring media big; the corporate postponed Iger’s departure a number of occasions and reinstated him in 2022 to interchange his chosen successor, Bob Chapek, after pandemic-related points impacted the enterprise. To forestall additional instability, Disney recruited Morgan Stanley veteran James Gorman as chairman in 2024 to steer the CEO search.
Gorman, recognized for managing a seamless transition on the monetary establishment, took the function after Disney prolonged Iger’s contract for a fifth time by means of 2026.
“Josh has demonstrated a robust imaginative and prescient for the corporate’s future and a deep understanding of the artistic spirit that makes Disney distinctive,” Gorman stated in a press release on Tuesday.
Walt Disney inventory fell 1.7% following Tuesday’s announcement.
By choosing D’Amaro, Disney is elevating an almost thirty-year veteran who manages its most worthwhile sector — the experiences division, which encompasses theme parks and cruise traces and has seen constant progress for the reason that 2021 pandemic restoration.
Final yr, that section achieved a report working revenue of almost $10 billion, accounting for roughly 60% of the corporate’s whole earnings.
D’Amaro is presently spearheading a regional enlargement into the Center East with a deliberate theme park in Abu Dhabi, the United Arab Emirates’ capital, marking Disney’s first main park mission in almost a decade.
Nonetheless, a slowdown in worldwide tourism to the US is impacting the parks sector; Disney shares dropped over 7% Monday after the corporate stated this “headwind,” regardless of general monetary outcomes surpassing estimates. Whereas D’Amaro is regularly seen at Disney’s Florida resorts, analysts recommend he has little presence in Hollywood.
This may occasionally show difficult as he navigates an business dealing with disruption from generative AI instruments which can be starting to automate artistic processes.
The announcement’s timing is essential, occurring simply months earlier than main business labour agreements with writers and actors expire in Might and June, triggering new contract negotiations.