Walt Disney Co. CEO Bob Iger will step down on March 18, making way for Disney Experiences chairman Josh D'Amaro to ascend to the top spot at the company.
Further, co-chair of Disney Entertainment Dana Walden will be promoted to president and chief creative officer of Walt Disney Co., also effective March 18.
D'Amaro has been with Disney for 28 years, most recently heading its largest business segment. Disney Experiences includes the company's theme parks, hotels and Disney Cruise Line. When reporting fiscal Q1 earnings on Feb. 2, Disney said the division exceeded $10 billion in quarterly revenue for the first time.
The company's board of directors unanimously voted in favor of naming D'Amaro CEO. His appointment will be effective at the company's annual meeting on March 18.
"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. His ability to combine creativity with operational excellence is exemplary, and I am thrilled for Josh and the company."
James Gorman, chair of the company's board, said D'Amaro has demonstrated leadership, innovation and "a keen eye for strategic growth opportunities."
"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 added.
Disney said Iger "provided extensive mentorship to internal candidates" during the search for his successor. He will move to the role of senior advisor when D'Amaro takes the CEO seat. Iger will officially retire on Dec. 31.
In his current role, D'Amaro oversees a global team of 185,000. In addition to 12 theme parks and 57 hotels around the world, he is also head of Disney Signature Experiences, which encompasses the cruise line, Disney Vacation Club, the Adventures by Disney tour operator, Disney Institute and Storyliving by Disney. He also oversees Walt Disney Imagineering, as well as Disney Consumer Products.
D'Amaro joined the company in 1998 at the Disneyland Resort and has held a number of roles, including president of Disneyland and president of Walt Disney World Resort.
Chief creative officer a new position
Walden currently oversees Disney's media, news and content businesses around the world, including streaming.
Her new position, chief creative officer, is a first for the company. She will report to D'Amaro.
"Dana Walden is an excellent leader who commands tremendous respect from the creative community," Iger said. "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."
Walden joined Disney in 2019 after the company acquired 21st Century Fox. She was initially chair of Disney Television Studios and ABC Entertainment, then became chair of Disney General Entertainment Content with an expanded role including Disney's larger entertainment businesses. She then rose to her current role, co-chair of Disney Entertainment.
Before Disney, she spent 25 years with 21st Century Fox, ultimately serving as chair and CEO of Fox Television Group.
Iger has been at Disney's helm for nearly two decades, most recently focused on guiding the company toward long-term growth.
During Disney's Feb. 2 earnings call, he said he was proud of many of the decisions he's made over the years. That includes the acquisitions of high-profile media brands like Lucasfilm, Pixar and 21st Century Fox, as well as Disney's entry into the streaming space.
He also offered advice for his successor: "Trying to preserve the status quo is a mistake."