Disney Appoints Theme Parks Veteran Josh D'Amaro as New Chief Executive Officer
In a significant leadership transition, Walt Disney has officially named Josh D'Amaro, the head of its theme parks division, as the company's new Chief Executive Officer. This announcement effectively concludes years of speculation and uncertainty surrounding the succession plan at the storied entertainment giant. The move places a seasoned insider at the helm during a period of profound transformation within the media industry, driven by the rapid advancement of artificial intelligence and an ongoing wave of consolidation.
A Smooth Transition of Power
The 54-year-old D'Amaro is scheduled to assume the CEO role from the outgoing Bob Iger, 74, at Disney's annual investor meeting on March 18. Iger, widely credited with shaping the modern Disney through landmark acquisitions of Pixar, Marvel, and 21st Century Fox, will remain with the company as a senior advisor and board member. His official retirement from Disney is set for December 31 of this year.
In a parallel leadership appointment, Disney has elevated entertainment co-chief Dana Walden to the positions of chief content officer and president. Walden, recognized as a creative executive in the mold of Iger with a strong track record of commercial and critical successes, was among the internal candidates considered for the top CEO role. Other internal contenders included entertainment co-chief Alan Bergman and ESPN head Jimmy Pitaro.
Addressing a Historic Weakness
Succession planning has historically been a notable challenge for Disney. The company previously delayed Iger's retirement multiple times and famously recalled him in 2022 to replace his handpicked successor, Bob Chapek, after the pandemic severely impacted its business operations. Determined to avoid another misstep, Disney in 2024 appointed Morgan Stanley veteran James Gorman as its chairman to oversee the meticulous CEO search process.
Gorman, who successfully managed a smooth leadership transition at the Wall Street bank, joined the Disney board after the company extended Iger's tenure for a fifth time through 2026. The search committee undertook an exhaustive evaluation, reviewing approximately 100 external candidates in addition to the internal prospects.
"There's so much that he's done creatively, and storytelling, and such a deep understanding of the brand and where the industry is going," said Gorman, praising D'Amaro's selection. "I thought it was a fabulous choice." The committee's criteria focused on the candidates' strategic vision for Disney, their deep comprehension of the Disney brand, their creative capabilities, and their willingness to embrace technological innovation, particularly in the realm of artificial intelligence.
The Profile of the New CEO
With D'Amaro, Disney is placing its trust in a company veteran with nearly three decades of service. He currently oversees the company's most profitable segment—the experiences unit, which encompasses theme parks and cruise lines. This division has demonstrated remarkable resilience, with sales growing consistently every year following the pandemic's receding impact in 2021.
In the last fiscal year, D'Amaro's division generated a record-breaking operating profit of nearly $10 billion, constituting approximately 60% of Disney's total earnings. He is also spearheading the company's strategic expansion into the Middle East, with plans for a new theme park in Abu Dhabi, the capital of the United Arab Emirates. This project would mark Disney's first major new park development in nearly a decade.
Immediate Challenges on the Horizon
Despite the strengths of the parks business, D'Amaro faces immediate headwinds. A noticeable decline in international visitors to the United States is currently weighing on park attendance and revenue. This challenge was highlighted recently when Disney shares fell more than 7% after the company flagged this issue as a significant "headwind," even as its overall sales and profit exceeded market expectations.
Analysts point out that while D'Amaro is a familiar figure for visitors to Walt Disney World in Florida, he remains relatively unknown within the Hollywood creative community. This unfamiliarity could pose a substantial challenge as he navigates an entertainment industry on the brink of being reshaped by generative AI tools, which threaten to automate writing, editing, and visual effects processes.
The timing of his appointment is particularly high-stakes. The announcement comes just months before the expiration of major industry guild contracts for writers and actors in May and June, setting the stage for potentially tense labor negotiations. A breakdown in talks over issues including the use of AI led to dual strikes in 2023 that paralyzed much of Hollywood production and resulted in an estimated $6 billion in lost output.
Disney itself is under increased scrutiny in this arena. Late last year, the company agreed to allow OpenAI to use characters from its iconic Star Wars, Pixar, and Marvel franchises in the startup's Sora AI video generator. Disney has also committed to a $1 billion investment in the AI startup.
Navigating Content and Competition
The shadow of D'Amaro's predecessor, Bob Chapek—another parks veteran who ascended to CEO—looms large. Chapek's tenure was marred by struggles with talent relations and a mishandled dispute with actress Scarlett Johansson over the release strategy for "Black Widow," which culminated in a lawsuit and settlement.
"These are big boots to fill. Disney can ill afford another messy handover," cautioned Paolo Pescatore, an analyst at PP Foresight. "Ultimately, the key to Disney's success and future growth lies in content creation, which drives the flywheel across theatrical releases, experiences, licensing and streaming."
Competition in the streaming and studio landscape is intensifying. Rivals Netflix and Paramount are actively seeking to bulk up by acquiring Warner Bros assets. Either potential combination is expected to create a formidable new competitor in both streaming and traditional studio operations.
Political and Regulatory Pressures
Beyond creative and commercial challenges, D'Amaro will also need to skillfully manage political pressures. In September, Disney pulled "Jimmy Kimmel Live" from air after the host's comments about a conservative activist drew a regulatory threat, though the show was quickly reinstated following public backlash. More recently, former President Donald Trump suggested that licenses for Disney-owned ABC affiliates should be revoked after a network reporter questioned him about a scandal.
Compensation and Endorsement
Disney has set D'Amaro's annual base salary at $2.5 million. Additionally, he will be eligible for a long-term incentive award with a target value of $26.3 million each fiscal year.
The leadership choices received a notable endorsement from former Disney CEO Michael Eisner, who praised the selection of D'Amaro and the elevation of Dana Walden in a post on the social media platform X.
"My advice to Josh is continue Bob Iger’s strategy that creativity will handle profits, always protect the brand," wrote Eisner. "And keep close the words of Walt Disney: 'We love to entertain kings and queens, but the vital thing to remember is this—every guest receives the VIP treatment.'"
As Josh D'Amaro prepares to take the reins, the entertainment world watches closely. His deep operational experience with Disney's profit engine will be tested against the creative demands of Hollywood, the disruptive force of AI, and the fierce competition of a consolidating media landscape. The success of this leadership transition will be critical for the future of the House of Mouse.
