In a significant leadership transition for The Walt Disney Co., Josh D'Amaro, who has been at the helm of the company's theme parks and consumer products division, is set to become the new Chief Executive Officer. This appointment concludes an extensive two-year succession process, marking a pivotal moment as Bob Iger, after nearly two decades of cumulative service, prepares to hand over the reins. Concurrently, Dana Walden has been elevated to the role of President and Chief Creative Officer, signaling a new strategic direction for the entertainment conglomerate.
The announcement by the Disney board solidifies D'Amaro's ascent to the top position, effective March 18, coinciding with Disney's annual meeting. This carefully orchestrated leadership change comes after a period of considerable anticipation and close observation regarding the future stewardship of the media powerhouse. The board's decision reflects a commitment to internal talent, given D'Amaro's extensive history and varied experience within the company.
Dana Walden, a prominent figure in the entertainment industry, will now serve as President and Chief Creative Officer, reporting directly to D'Amaro. Her promotion is effective on the same date, emphasizing a collaborative leadership structure. Walden's rich background, particularly in television and streaming, positions her as a crucial leader for content creation and strategic vision across Disney's diverse portfolio.
D'Amaro's career at Disney began in 1998 at Disneyland, progressing through various roles in business, marketing, and operations. His journey includes significant positions such as CFO of Disney Consumer Products Global Licensing, president of Disneyland Resort, and president of Walt Disney World Resort. In May 2020, he was appointed to lead Disney's parks, cruises, consumer products, and Walt Disney Imagineering, showcasing his deep understanding of the brand's core offerings.
At 54, D'Amaro embodies the classic Disney leadership model, leveraging nearly three decades of experience that provide him with an intimate grasp of how families and children engage with the Disney brand. Notably, he is currently overseeing a substantial $60 billion investment aimed at expanding Disney's global theme parks, including the development of a new destination in Abu Dhabi. Before joining Disney, D'Amaro held a position in Gillette's finance department and is an alumnus of Georgetown University with a degree in business administration/marketing.
The board's decision to appoint D'Amaro was made under pressure to ensure a robust succession plan, particularly after the complexities surrounding Iger's previous handover to Bob Chapek. The earlier transition, which saw Chapek assume the CEO role just before the COVID-19 pandemic, led to significant operational challenges and ultimately Iger's return. This experience underscored the critical need for a seamless and well-defined leadership transfer.
James Gorman, the chairman of Disney's board and former CEO of Morgan Stanley, played a key role in navigating this succession. His perspective as an outsider to Hollywood was considered an asset in objectively evaluating candidates. With Iger's current contract set to conclude at the end of 2026, the board aimed to have a successor firmly in place well in advance, avoiding any perception of leadership failure.
Industry speculation had increasingly pointed towards D'Amaro as the favored candidate, especially given the robust performance of Disney's parks, experiences, and consumer products divisions, which have become primary drivers of revenue and profit amid broader challenges in the film and television sectors. While film and television remain vital for storytelling and brand appeal, the board recognized the immense value of D'Amaro's expertise in the experiential segments. The creation of Walden's new role is seen as a strategic move to ensure strong content leadership, complementing D'Amaro's focus on the parks and consumer products.
Reflecting on the transition, Bob Iger highlighted a 'healthy competition' between the parks division and the entertainment business, led by Walden and co-chair Alan Bergman. He expressed confidence in both divisions' potential to drive future profitability and emphasized the importance of continuous adaptation and evolution for the incoming leadership. Iger's sentiments underscore a vision for a dynamic and forward-thinking leadership team capable of navigating an ever-changing global landscape.