Right now marks the beginning of a brand new period for Disney as long-time CEO Bob Iger formally passes the baton to his successor, Josh D’Amaro, on the firm’s annual shareholders assembly.
D’Amaro, a 28-year veteran of the corporate, was named Iger’s substitute on Feb. 3. He most not too long ago served as head of Disney Experiences, which incorporates the corporate’s theme parks, cruise line, resorts and client merchandise.
Disney and D’Amaro have stated little or no about how he plans to guide the corporate, and at the moment’s shareholder assembly might provide a primary glimpse into the corporate’s route at a pivotal second for the media business.
The firm, with a market cap of $175.98 billion,should take care of a shifting panorama as competitor Paramount Skydance prepares to accumulate Warner Bros.,probably slicing into the corporate’s market share. Since Iger returned as CEO in 2022, the corporate’s shares have underperformed in comparison with the broader market.
The corporate’s messaging round D’Amaro’s ascension has targeted on making certain a clean transition following the quick, controversy-filled tenure of Iger’s first substitute, Bob Chapek.
A key distinction this time is that Iger will quickly keep on as a senior advisor and board member, though he’s stepping down as CEO eight months forward of schedule. After appointing Chapek in 2020, Iger remained full-time as govt chairman and directed Disney’s artistic initiatives.
Former Morgan Stanley CEO James Gorman, who has been Disney’s board chairman since 2025, led the succession planning committee to exchange Iger.
“Bob got here to the purpose the place he had developed the expertise. And he stated, ‘That is for me to step apart now,’” Gorman stated in an interview with CNBC final month. “Sure, he might technically be CEO by way of the tip of his contract. That wasn’t the aspiration. The aspiration was to get the corporate prepared and to get the expertise prepared, not worrying about what the contract says.” He later added that this time there could be no drama.
This new construction will enable for a “clear break,” and an orderly succession, board advisor and lawyer Richard Leblanc beforehand informed Fortune.
“There’s all the time stress on the brand new CEO when the outdated CEO is there to not make any sudden strikes, and to hold on the CEO’s legacy,” stated Leblanc. In distinction, when the outdated CEO strikes on, “they exit the corporate in order that the brand new CEO can discover their approach and implement change with out feeling as if somebody is wanting over their shoulder.”
Disney additionally introduced Dana Walden, who was broadly reported to be a CEO contender, will develop into the corporate’s president and chief artistic officer, a brand new position. Walden beforehand served because the co-chairman of Disney Leisure, the place she oversaw Disney’s motion pictures, tv, information and content material companies.
Although D’Amaro can be her boss, Walden’s base wage of $3.75 million is roughly 50% greater than D’Amaro’s beginning base wage of $2.5 million, a strategic incentive for an govt who might have left the corporate after shedding the highest job.
D’Amaro should fill Iger’s legendary footwear after a virtually two-decade tenure that included the acquisition of the corporate’s most iconic manufacturers, together with Pixar in 2006, Marvel Leisure in 2009, and Lucasfilm in 2012. Disney has additionally made main investments in its theme parks and plans to open a brand new theme park and resort in Abu Dhabi.
The incoming CEO is well-positioned to guide the corporate’s progress. Beneath D’Amaro, Disney’s parks and experiences have develop into the corporate’s major revenue engine, accounting for greater than 70% of working earnings regardless of representing underneath 40% of complete income. Streaming is the opposite main progress driver for the corporate, following consecutive quarters of profitability.
The gradual transition aligns with D’Amaro’s management fashion. As he informed college students at his alma mater, Georgetown College, final 12 months, he prefers to strategy new roles by listening.“There’s gravity to a enterprise card with a title on it. You begin to tackle that identification, however that’s not who you might be,” D’Amaro informed the scholars. “Now, each time I stroll into a brand new job, I say, ‘I don’t know.’ However I do know you do, and I do know I may help.”
