Disney taps Josh D'Amaro as next CEO
Josh D'Amaro will be the next CEO of The Walt Disney Company.
D'Amaro will take over from current CEO Bob Iger at as of March 18. As Chairman of Disney Experiences, D'Amaro oversees Disney's theme parks worldwide.
Josh D'Amaro at the opening of World of Frozen at Hong Kong Disneyland
"Josh D’Amaro is an exceptional leader and the right person to become our next CEO," Iger said. "He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company."
D'Amaro's rival for the CEO job, Dana Walden, Co-Chairman of Disney Entertainment, will become the President and Chief Creative Officer of The Walt Disney Company, also effective March 18. Walden will report directly to D'Amaro. Iger will remain with the company as Senior Advisor until the end of the year.
"I am immensely grateful to the Board for entrusting me with leading a company that means so much to me and millions around the world," D’Amaro said. "Disney’s strength has always come from our people and the creative excellence that defines our stories and experiences. There is no limit to what Disney can achieve, and I am excited to work with our teams across the company and brilliant creative partners to honor Disney’s remarkable legacy while continuing to innovate, grow, and deliver exceptional value for our consumers and shareholders. I also want to express my gratitude to Bob Iger for his generous mentorship, his friendship, and the profound impact of his leadership."
This the second time that Disney has turned to its parks leader to replace Iger. The last attempt at succession saw Bob Chapek take over from Iger in early 2020, only for the Disney board to dump Chapek and ask Iger to return a little over two years later.
But while Chapek turned out to be a poor fit with Disney's other creative and financial leaders, Disney's theme park and experiences segment remains the engine that drives the company, generating $36 billion in annual revenue last year. With consistent profitability and strong return on investment, the parks and cruise line have helped Disney to rise to the top of Hollywood as the only major studio left that has not been bought by an outside company.
D'Amaro also has shown the ability to lead by winning allies and admirers, in contrast to Chapek's more introverted style. For a glimpse at D'Amaro's style, read my most recent one-on-one interview with Josh: Exclusive Interview With Josh D'Amaro on Today's Disney Changes.
D'Amaro's appointment raises the question of who will replace him as head of Disney Experiences. Candidates include Disney Signature Experiences President Joe Schott, Disney Experiences EVP and CFO Michael Moriarty, Disney Parks International President Jill Estorino, and the person who replaced D'Amaro the last time he was promoted, Walt Disney World Resort President Jeff Vahle.
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Replies (13)
The announcement that Dana Walden, has been also been promoted to President and Chief Creative Officer creates a partnership that would seem to ensure the entertainment division has a seat at the table.
Now all they need is for former Jungle Cruise skipper Joe Schott to succeed D'Amaro as Chairman of Disney Experiences.
James Gorman stays as Chairman of the Board. Hugh Johnston remains as CFO.
To think, it was only 6 years ago around this same time that Iger abruptly stepped down and put Chapek in charge, presumably because he knew the devastating impact the COVID pandemic was going to have on the company. Hopefully D’Amaro isn’t being similarly thrown under the bus and can rise to any challenge that Disney faces in the years to come.
This is about as unsurprising a big corporate succession announcement as could be expected. It’s a great move in my opinion. Disney is wise to lean on its most profitable divisions, parks and travel. Walden would seem to be shouldering the load of the entertainment media arm, and that’s a formidable compliment to D’Amaro’s Parks experience. It will be interesting to see how Disney will walk the line of inevitable AI permeating the industry and how to balance that with their true strength, their people.
Well he has spectacular hair for the job…
@Kris V: I must say, based on your profile picture, you above everyone else know what it means to have "spectacular hair".
Is he a pick up trash guy, or a walk over trash guy?
>> Hopefully D’Amaro isn’t being similarly thrown under the bus and can rise to any challenge that Disney faces in the years to come.
Well Disney are now talking about “headwinds” around international visitors attending domestic parks.
Chad H that all depends on how his back is feeling that day! LOL
He is very much a "pick up trash" guy. Robert can probably speak to this better than I have, but I will say that I have heard a lot of positive things from people who work on the "front lines" at the parks. He treats people well and they feel heard and respected by him. That absolutely matters in a company as service-based as Disney is these days.
How does any of that translate to being the CEO of a major company? Hell if I know. Hoping for the best, though.
This is what I would call the safe choice. That doesn't mean it's a bad move, but it does mean I don't expect any radical changes from the company, at least in the near term. With Disney no longer enjoying the level of respect it once deserved and with more and more alternatives in the marketplace, it's going to be interesting to see if the company under D'Amaro will continue to maintain the same level of dominance over competitors.
I hope he puts some money in the entertainment division. Disney is going to have a very hard time building IP- based rides if they don't have new IPs to base them on. . .after all, Indiana Jones and Monsters Inc haven't been relevant for years (besides dial of destiny but that was a flop) but they're still scraping those up out of the barrel.
Great photo of Josh on the TPI front page. He looks fantastic! Especially ... Oh wait ... He's the guy on the right ... I was talking about the guy on the left ... Carry on.
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Shocker, and water is wet. The signs of this have been everywhere, and this is probably the best choice given the circumstances. D'Amaro is entering a pretty tough time for Disney, and hopefully was paying attention during the Chapek years. While he comes from a Parks background, I wonder if he will overcompensate for his natural tendencies to be park-focused in putting more attention to the entertainment division.