The Walt Disney Company (DIS) has a new CEO — Josh D’Amaro.
The chairman of Disney’s experiences division, which includes the company’s theme parks, cruise line, resorts and consumer products, was named to succeed long-time CEO Bob Iger, effective . He will be the ninth person to lead Disney in the company’s 102-year history.
D’Amaro, 54, joined Disney in 1998 and has held leadership roles both domestically and internationally, including chief financial officer of Disney’s consumer products global licensing division, president of Disneyland Resort and president of Walt Disney World Resort.
“Josh is somebody who’s got decades of experience at Disney,” James Gorman, chairman of Disney’s board of directors, told CNBC. “He’s a huge operator. He’s run massive operations across the whole parks and cruises businesses. He’s also got great creative touch.”
Parks Revenue Drives the Decision
D’Amaro’s appointment underscores the increasing importance of Disney’s parks, experiences, and products division to the company’s overall financial performance. Since D’Amaro took over as head of experiences in May 2020, revenue in the division has grown nearly 40%, from $26.2 billion in fiscal 2019 to $36.2 billion in fiscal 2025. Last year, the division accounted for approximately 40% of Disney’s total annual revenue.
The Experiences unit’s operating income has also seen substantial growth, jumping from $6.8 billion in fiscal 2019 to $10 billion in fiscal 2025 – a nearly 50% increase. Since fiscal 2022, the Experiences unit has generated between 55% and 70% of Disney’s total operating income.
This success is particularly notable given the challenges faced during the initial period of D’Amaro’s leadership. Taking the helm in the early months of the COVID-19 pandemic, he oversaw a period of widespread closures across Disney’s parks, cruises, and resorts. However, during the shutdown, construction continued on key projects like the Avengers-themed land at Disneyland Resort and cosmetic updates were made across domestic parks.
Following the reopening of parks and resorts, D’Amaro oversaw the launch of several new attractions, including Mickey & Minnie’s Runaway Railway, Tron Lightcycle Run, Tiana’s Bayou Adventure, Guardians of the Galaxy: Cosmic Rewind and Remy’s Ratatouille Adventure, as well as new themed lands. International expansion continued with the opening of Fantasy Springs at Tokyo Disneyland and a “Zootopia”-themed land at Shanghai Disneyland.
D’Amaro also led the growth of Disney’s cruise line, which is set to double its fleet size by 2031, with three new ships already in operation and a fourth scheduled to launch in April. He also spearheaded Disney’s $1.5 billion investment in Epic Games, aiming to establish a digital presence within the popular online game Fortnite.
Succession After Iger’s Return
The decision on the next chief executive at Disney comes almost four years after the company’s initial attempt to replace Iger went awry, forcing Iger back into the job in 2022. Iger’s contract was set to expire at the end of 2026.
Disney meticulously sought out its next CEO, creating a succession planning committee in 2023 and enlisting Morgan Stanley Executive Chairman James Gorman to lead the effort in 2024. While external candidates were considered, the board ultimately chose an internal candidate.
Dana Walden, co-chair of Disney Entertainment, was also reportedly a contender for the CEO position. However, she has been promoted to a new role as president and chief creative officer, reporting directly to D’Amaro, effective .
Challenges Ahead: Streaming and Television
While D’Amaro has a proven track record in the parks and experiences division, he will face challenges in Disney’s streaming and linear television businesses. Years of cord-cutting and declining advertising revenue have impacted the media industry, including Disney.
Disney’s streaming service, Disney+, initially experienced rapid subscriber growth, but the company has since focused on strategies such as bundling services, offering an ad-supported tier, and addressing password sharing to combat slowing growth. Disney reported quarterly revenue for its entertainment segment, which includes streaming and theatrical releases, of $11.61 billion, up 7% year over year, but notably did not disclose streaming subscriber numbers in its most recent earnings report on .
Iger emphasized on the earnings call that the future of Disney’s entertainment business, including streaming, remains bright and poised for growth. D’Amaro will be tasked with maintaining the stability of Disney’s streaming future.
Iger will transition into a senior advisor role and remain a member of the Disney board of directors until his retirement on .
