Disney Names Josh D’Amaro Its New CEO, Dana Walden Named President and Chief Creative Officer

The Walt Disney Co. has found its next CEO: Josh D’Amaro, the chairman of the company’s experiences division.

The entertainment giant formally revealed D’Amaro’s promotion Tuesday morning, also elevating Dana Walden to president and chief creative officer. The pair will move into their new roles on March 18, the same day Disney holds its annual meeting. D’Amaro will also be named to the company’s board at that time.

“Josh D’Amaro possesses that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities, and a deep passion for the Disney brand and its people – all of which make him the right person to take the helm as Disney’s next CEO,” said James Gorman, chairman of Disney’s board of directors. “Throughout this search process, Josh has demonstrated a strong vision for the company’s future and a deep understanding of the creative spirit that makes Disney unique in an ever-changing marketplace. He has an outstanding record of business achievement, collaborating with some of the biggest names in entertainment to bring their stories to life in our parks, showcasing the power of combining Disney storytelling with cutting-edge technology. The Board believes he is exceptionally well prepared to guide this global company forward to serve our consumers around the world and create long-term value for shareholders.”

“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,” said Josh D’Amaro. “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.”

Disney, with its long and illustrious history and dominating cultural influence, is seen as something of a bellwether for the entire entertainment industry, and the naming of a new CEO garners close attention from across the world of business.

D’Amaro, 56, succeeds Iger, who will step aside from the top position once again, three years after returning to the company in 2022.

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” said Iger. “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.”

Iger was CEO of Disney from 2005 until 2020, when Bob Chapek (also a veteran of the theme park division) was named his successor in a move that stunned Wall Street and Hollywood, and seemed to come out of left field. A tumultuous few years however, punctuated by the COVID-19 pandemic, led to Iger’s surprise return in late 2022.

The ascension of D’Amaro bore little resemblance to the Chapek choice.

Instead, D’Amaro’s elevation to CEO also ends a years-long (and extremely public) succession bake-off, with D’Amaro, Disney Entertainment co-chair Dana Walden frequently cited as the top internal candidates, and the Disney board, led by former Morgan Stanley CEO James Gorman, also exploring if there were any viable external candidates.

By also elevating Walden, 61, Gorman is taking a cue from his own experience at Morgan Stanley, where he held a public succession bake-off, and promoted the two candidates who ultimately did not get the CEO job, keeping them in the fold.

“Dana Walden is an excellent leader who commands tremendous respect from the creative community,” Iger added. “Given that creativity is at the heart of everything Disney does, she is a wonderful choice to serve in this new leadership role. In the years since Dana joined Disney, she has accumulated great knowledge about the many facets of our businesses and brands, and is very well prepared to be president and chief creative officer.”

Disney says that Walden’s entertainment co-chair Alan Bergman, and ESPN chief Jimmy Pitaro, will continue working in their “critical” roles.

Disney is an unusual company among the entertainment giants, because it has an experiences division that is a major financial force, and a major complexifier. D’Amaro was also tasked with overseeing a $60 billion expansion of that business, including a slew of new attractions based on well-known IP, multiple new cruise ships, and even a new theme park and resort in Abu Dhabi.

The successful leadership of that division likely helped in his effort to succeed Iger.

At the center of the company, however, is the studio: The content engine that feeds the rest of the company. And while D’Amaro is not a creative by trade, it is an area he made a point to highlight whenever he could.

“This goes back to Walt when he envisioned what this company ultimately was going to be,” D’Amaro told The Hollywood Reporter last year. “He had storytelling and content in the middle and all of these businesses surrounding it, such that we could stay with the consumer, wherever they were, literally in the world.”

D’Amaro also made a point of maintaining a close relationships with creatives at the company, something Chapek was not able to do.

But his elevation will also end the Bob Iger era, with the executive set to serve as an adviser and board member only through the end of the year, when he will officially retire from the company.

“On behalf of the entire Board, we extend our deepest gratitude to Bob Iger for his extraordinary leadership and dedication to The Walt Disney Company,” added Gorman. “The Board asked Bob to return as CEO in 2022 for two critical reasons. First, to lead the company through a challenging transition and ensure Disney was fit for purpose for the future. Second, to strengthen the leadership bench and to help develop candidates for the CEO transition. Bob has delivered on both priorities, while also guiding Disney through a transformative period with an ambitious strategy that has further strengthened its position as the world’s premier entertainment company. After nearly two decades leading Disney, the Iger era has been defined by enormous growth, an unyielding commitment to excellence in creativity and innovation, and exemplary stewardship of this iconic institution.”