Disney parks chief Josh D’Amaro will take over for Bob Iger as CEO

The 54-year-old takes over a time when Disney is flush with box-office hits like “Zootopia 2” and “Avatar: Fire and Ash” and its streaming business is strong. At the same time, Disney has seen a decline in foreign visitors to its domestic theme parks. Tourism to the U.S. has fallen overall during an aggressive immigration crack down by the Trump administration, as well as clashes with almost all of country's trading partners.

The decision on the next chief executive at Disney comes almost four years after the company's choice to replace Iger went disastrously, forcing Iger back into the job.

Only two years after stepping down as CEO, Iger returned to Disney in 2022 after a period of clashes, missteps and a weakening financial performance under his hand-picked successor, Bob Chapek.

Disney meticulously and methodically sought out its next CEO this time. The company created a succession planning committee in 2023, but the search began in earnest in 2024 when Disney enlisted Gorman, who previously served as Morgan Stanley's executive chairman, to lead the effort. That still gave it ample opportunity to vet candidates, as Iger agreed to a contract extension.

Disney said that Iger will continue to serve as a senior advisor and board member until his retirement from the company at the end of the year.

While external candidates were considered, it was widely expected that Disney would look internally for the next CEO. The advantage would be that Disney executives were already being mentored by Iger, and had extensive contact with the company’s 15 board members, of which Iger is a member.

Disney is unique in that its top executive must oversee a sprawling entertainment company with branches reaching in every direction, while also serving as an unusually public figure.

D’Amaro and Disney Entertainment Co-Chairman Dana Walden quickly emerged as the front runners for the top job.

D’Amaro, who has been with Disney since 1998, has been leading the charge on Disney’s multiyear $60 billion investment into its cruise ships, resorts and theme parks. He also oversees Walt Disney Imagineering, which is in charge of the design and development of the company’s theme parks, resorts, cruise ships, and immersive experiences worldwide. In addition, D’Amaro has been leading Disney’s licensing business, which includes its partnership with Epic Games.

“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," Gorman said in prepared remarks. “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.”

In her most recent role as co-chairman of Disney Entertainment, Walden has helped oversee Disney’s streaming business, along with its entertainment media, news and content businesses. She joined Disney in 2019. Before that, Walden spent 25 years at 21st Century Fox and was CEO of Fox Television Group.

Walden will now step into the newly created role of chief creative officer of The Walt Disney Co. She will report to D'Amaro.

“I think if you think about what is the heart of the Disney company, it’s the creativity. It’s this amazing IP that’s been produced over decades, going back to Walt, and the storytelling that comes from that creativity. And I think Dana, working with Josh and ensuring that the best creativity permeates all of our businesses, is what we wanted,” Gorman said in an interview with CNBC.

There had been speculation that Disney might go the route of naming co-CEOs, a move that has started to become more popular with companies. Oracle and Spotify are among those who named co-CEOs in 2025.

D’Amaro and Walden's appointments are effective on March 18.