The former president of Walt Disney World, Josh D’Amaro, will replace the retiring CEO of Walt Disney Co., Bob Iger, the company announced Tuesday.
His appointment seemingly ends a closely-watched and high-stakes succession process, three years after the initial attempt ended with the ouster of the top executive and the return of Iger to Disney’s top job.
D’Amaro, 54, has been chairman of Disney Experiences worldwide, which oversees the company’s theme parks, since May 2020. He was leader of WDW from November 2019 to May 2020.
“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 in a Disney news release distributed Tuesday.
The Walt Disney Co. board of directors announced the unanimous pick of D’Amaro, a 28-year Disney veteran, on Monday. His new role is effective March 18.
“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said in the news release. “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.”
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As chairman of Disney Experiences, D’Amaro has been responsible for 12 theme parks and 57 resort hotels worldwide. He also has been overseeing Disney Cruise Line, Disney Vacation Club, Adventures by Disney, Disney Consumer Products and Walt Disney Imagineering.
Industry watchers considered D’Amaro the frontrunner for the CEO job.
“I think when his name first came up, people were like, no, no, he wouldn’t — he’s a parks guy,” said Matt Roseboom, editor and publisher of Orlando-based Attractions Magazine. “But then I think as time went on, people kind of came around to the idea.”
Other Disney-owned entities include its movie studios, the ABC network, sports programming and the Disney+ streaming service. The company also has announced plans to build a theme park in Abu Dhabi, capital of the United Arab Emirates.
“It’s definitely a transitional period for the entertainment business and for Disney — not so much as the parks, it’s pretty much the same, just new technology and things — but as far as going from movies [in theaters] to streaming, and the future of movie theaters and Marvel and Disney+, it’s ever-changing,” Roseboom said.
According to Walt Disney Co. filings with the SEC, D’Amaro’s annual base salary will be $2.5 million plus an annual bonus target of 250% of his base, according to the filing. He will receive a “one-time long-term incentive award” of $9.7 million and there’s another long-term incentive listed with a target value of more than $26 million.
Under D’Amaro, expansion projects have gotten underway at Walt Disney World, including two “Cars” attractions and a villains land for Magic Kingdom, plus a Tropical Americas land with “Encanto” and “Indiana Jones” attractions at Disney’s Animal Kingdom. D’Amaro also was Animal Kingdom’s vice president and the VP for resort and transportation operations, plus he was president of Disneyland in California in 2018 and 2019.
Walt Disney Co. announced Monday that its Experiences division had a record $10 billion in revenue for the quarter ending in December.
“My money was always on him. I think he has the foundation, the base, certainly with the parks. … From what I’ve learned, he’s smart enough to pick up the others, and he certainly carries the image of Disney well,” said Dennis Speigel, founder of International Theme Park Services.
“He has savoir faire,” Speigel said. “He has the swagger. He has what people want to see when you think about Disney.”
In other executive moves, Dana Walden, co-chairman of Disney Entertainment, was named president and chief creative officer of Walt Disney Co., also effective March 18. No successor was named for D’Amaro’s position.
Iger, 74, will remain a senior adviser and member of the Disney board until Dec. 31, his second retirement from the company. He was CEO from 2005 to 2020, then executive chairman through 2021. Bob Chapek was named Disney’s CEO in February 2020 and D’Amaro became his successor in the Experiences role. In November 2022, the Disney board, citing financial struggles, dismissed Chapek and rehired Iger.
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