Walt Disney Co. selected theme parks chief Josh D’Amaro to be the company’s next chief executive, culminating the most closely-watched succession drama in Hollywood.

D’Amaro, who has run the company’s pivotal parks and experiences division for six years, will be charged with steering the Burbank entertainment giant through increasingly turbulent times.

He officially becomes chief executive next month at the company’s March 18 shareholder meeting — replacing Chief Executive Bob Iger, who will hand over the reins after two decades in the top job revitalizing the company.

Iger will stay on as a senior advisor and board member until his retirement from the company when his contract expires in December.

Dana Walden, co-chairman of Disney Entertainment, was named the company’s President and Chief Creative Officer. She becomes the first woman to serve as president at the 102-year-old company. She will report to D’Amaro.

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

D’Amaro, who turns 55 this month, is respected on Wall Street and has long been a favorite among legions of Disney superfans who view him as a charismatic cheerleader for Mickey Mouse, Buzz Lightyear and other inhabitants of the Magic Kingdom.

Within Disney, D’Amaro is known for his consensus-building style, his mastery of Disney’s distinct culture and for safeguarding its beloved brands.

D’Amaro, a native of Massachusetts, joined Disney 28 years ago in Anaheim’s Disneyland accounting department — and will become the ninth person to lead the company. He steadily rose through the ranks, working in finance, business strategy and marketing and eventually leading Disneyland and then the larger Disney World Resort in Florida.

A big promotion came in late 2019 when he was entrusted with all of the company’s theme parks, cruise lines and its creative cadre of Imagineers.

His portfolio includes video games and consumer products. He’s overseen numerous high-profile construction projects, including Star Wars: Galaxy’s Edge and the Marvel-themed Avengers Campus at Disneyland as well as the current $60 billion expansion of cruise lines and theme parks, which includes plans for a new venture in Abu Dhabi.

In a statement, Disney’s board noted that D’Amaro currently leads Disney’s largest division, which produced $36 billion in the last fiscal year.

He will oversee all of Disney and its workforce of 230,000 as the entertainment colossus tries to soar in the streaming age amid the erosion of the company’s once-mighty legacy cable TV business and a punishing theatrical business.

He also must balance the promise of artificial intelligence without allowing it to destroy the value of Disney’s characters and movie franchises. A further challenge is to help Disney navigate the nation’s divisive political landscape.

“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,” James Gorman, chairman of Disney’s board, said in a statement, which noted the board on Monday unanimously selected D’Amaro.

“D’Amaro’s most immediate priorities will be managing the Parks business through what continues to be a bumpy economic environment, particularly for non-wealthy consumers,” TD Cowen media analyst Doug Creutz wrote in a research report. He will also be tasked with “maintaining creative momentum in the Studios, both at the box office and on Disney+.”

While D’Amaro “lacks experience on the creative side of the business,” Creutz wrote the promotion of Walden, who is respected in Hollywood, should fill that gap.

“It will however be critical for the two executives to be able to forge a strong partnership,” Creutz said.

Following Disney’s March meeting, D’Amaro will join the company’s board.

His pay package will be about $38.5 million, consisting of a $2.5 million base salary, a $26.3 million long-term incentive each fiscal year subject to adjustment for performance or economic conditions and a one-time long-term incentive award of $9.7 million. He’s also eligible for an annual performance-based bonus worth 250% of his base pay, which could work out to about $6.3 million.

“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. “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.”

Disney shares were down about 1.7% in trading on Tuesday morning to $102.70. Investors had been rooting for D’Amaro to succeed Iger. He bested three other senior executives for the job: Walden; movie studio head Alan Bergman; and ESPN Chairman Jimmy Pitaro.

Bergman and Pitaro will continue in their “critical leadership roles” and work with D’Amaro and Walden, the company said Tuesday.

D’Amaro’s elevation comes six years after Disney’s disastrous CEO hand-off to then-parks chief Bob Chapek, who was D’Amaro’s boss for many years. Chapek was sacked after less than three years in the job — a chaotic period marked by COVID-19 pandemic closures and battles with Florida Gov. Ron DeSantis, actress Scarlett Johansson and senior Disney executives.

Iger returned in November 2022 to quell concerns among investors and Disney staff. He has spent the last three years putting the Mouse House back in order, cutting costs with thousands of layoffs and planning for Disney’s future. The changes included transitioning ESPN into a stand-alone streaming app, laying the groundwork for the parks expansion, making a$1.5 billion investment in “Fortnite” developer Epic Games to bolster Disney’s video games and preparing for this week’s long-anticipated succession.

“We have done a lot of fixing, but we’ve also put in place a number of opportunities ... to essentially expand at every location that we do business and on the high seas,” Iger said on a Monday earnings call with Wall Street analysts.

Succession has been a top priority for Disney’s board since Gorman, former chairman and chief executive of investment bank Morgan Stanley, took over in early 2025 as chairman of Disney’s board.

Seeking to avoid another blunder, board members formalized its succession planning, establishing a committee led by Gorman, who instituted a more rigorous evaluation. Gorman and other committee members spent time with the CEO candidates to learn their strengths, weaknesses and visions for the future.

The board’s succession committee was comprised of Gorman, General Motors CEO Mary Barra, Lululemon Athletica CEO Calvin McDonald and Sir Jeremy Darroch, the former head of Sky broadcasting in Britain.

Iger spent hours mentoring the various candidates, including during Disney’s crisis last September when ABC briefly suspended late night comedian Jimmy Kimmel over remarks in the wake of conservative activist Charlie Kirk’s killing.

Iger helped navigate the conflict amid outrage among political conservatives, President Trump and the chairman of the Federal Communications Commission. On the other side, free-speech advocates were furious that Disney appeared to be ready to cut ties with Kimmel to appease the Trump administration.

Instead, Kimmel extended his stay through May 2027.

For D’Amaro, part of the challenge will be living up to the standards set by Iger, who helped the company prosper during his long career.

“Iger was really the visionary deal maker and the global brand quarterback,” said Bill Campbell, head of research for Paragon Intel in Connecticut. “D’Amaro is really the builder-operator who can protect the magic and make the machine more predictable.”

But Iger himself noted that D’Amaro would have to chart a new path.

“In the world that changes as much as it does, in some form or another trying to preserve the status quo is a mistake,” he said in the Monday earnings call. “I’m certain that my successor will not do that.”

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