Two days ago, Walt Disney Co. theme parks boss Josh D’Amaro was called into a room where Chief Executive Bob Iger and board chairman James P. Gorman waited with a question:
Would D’Amaro accept the role of Disney’s next CEO?
“It’s surreal. A lot goes through your head in that moment,” D’Amaro said Wednesday morning during a town hall meeting held at the company’s Burbank theater and beamed to employees around the globe. “I got a little choked up when they let me know, because it’s a big responsibility.”
Disney’s board this week unanimously approved the selection of 54-year-old D’Amaro to succeed Iger on March 18 during the company’s annual shareholders meeting.
D’Amaro’s elevation came after years of casual conversation in Hollywood about whether Iger would extend his contract again. But Iger, 74, has made it clear that he’s ready to pass the torch to new leaders, including longtime television executive Dana Walden, who is being elevated to president and chief creative officer for Disney. She becomes Disney’s first female president.
“I feel great about this process,” Iger said during the town hall meeting. “I leave with a tremendous sense of confidence in both Josh and Dana and optimism about the future of this company.”
“It’s liberating, energizing and exhilarating to know the company is in such capable hands,” Iger said.
Wednesday’s gathering, moderated by ABC News anchor David Muir, was meant to introduce D’Amaro and Walden to employees who don’t work in their divisions — and to convey a sense of unity. Walden spoke of her respect and growing friendship with D’Amaro, her soon-to-be boss.
She shared a story about what she saw as D’Amaro’s humanity — which was on display during a heavy Florida rain at Walt Disney World.
“We came across a little boy who had been separated from his family and was sobbing,” Walden said. “I watched Josh in action. … He moved quickly, calmly and with so much care … The team reunited the child with his family so fast … He cares about people.”
D’Amaro sought to inspire the team that the company is sitting on “a really strong foundation.”
“There are very few brands in the world that are 100 years old and still as meaningful and impactful as the Walt Disney Co.,” D’Amaro said.
Walt Disney Co.’s board named Josh D’Amaro, right, as the new chief executive. Dana Walden, left, who is co-chairman of Disney Entertainment, will step into the role as president and chief creative officer.
(Walt Disney Company)
With this week’s move, Disney hopes to put behind its long struggles with succession, dating back to Iger’s appointment two decades ago.
Iger, a longtime ABC executive, had toiled years in the shadow of former Chief Executive Michael Eisner and Disney’s board wanted to give him a shot.
The board had initially set Iger’s target retirement date for 2015. The board instead renewed his contract multiple times, then called him back in 2022 — nearly a year after he had retired — when the last leadership handoff famously unraveled.
This time, Disney’s board was determined to choreograph a smooth transition.
“We had to be open — we couldn’t be questioned on it,” Disney Chairman James Gorman told The Times. “We didn’t just want to have this as a rigged game.”
Los Angeles, CA – January 13: Disney’s Bob Iger, left and director James Cameron, right, at the AFI Awards at Four Seasons hotel, in Los Angeles, CA, Friday, Jan. 13, 2023. The entertainment industry’s biggest names mingle, on the awards season’s road toward the Oscars. (Jay L. Clendenin / Los Angeles Times)
(Jay L. Clendenin/Los Angeles Times)
D’Amaro’s selection culminated two years of planning that began when Iger’s last successor, Bob Chapek, was ousted in November 2022. At the time, Disney’s board announced that Iger would return to serve as CEO for just two years.
But a series of high-level executive departures had thinned Disney’s executive bench. The board later acknowledged it needed additional time to plan succession, and Iger’s contract was extended again, this time to December 2026.
Gorman — a former chairman and chief executive of Morgan Stanley — joined Disney’s board in the fall of 2024. He became chairman in January 2025 and succession planning began in earnest. Unlike in early 2020, when Iger was in charge of the board that tapped Chapek, this time the board formed a succession committee comprised of current and former CEOs of different firms.
Disney Chairman James Gorman, former chairman of Morgan Stanley, led the succession search that culminated this week.
(Hollie Adams / Bloomberg via Getty Images)
The committee, led by Gorman, included General Motors Chief Executive Mary Barra, former CEO of Lululemon Athletica Calvin McDonald; and the former head of Britain’s Sky broadcasting, Sir Jeremy Darroch.
The search began with a list of about 100 potential candidates, Gorman said, including names provided by search firm Heidrick & Struggles. The group eventually culled the list to 30, he said, then narrowed it even more. They met with a few outsiders.
“We wanted to see what was out there … but it’s always difficult to go outside for any company,” Gorman said, adding that typically happens during a crisis.
“You don’t take somebody from the industrial world and plop them in a media company,” he said.
What’s more, the 102-year-old company has a distinct corporate culture — one that still pays homage to founder Walt and instills in its employees (known internally as cast members) the need to serve as guardians of Disney’s treasured characters and brands.
Any outside pick would have been a risky bet.
Four Disney executives were under evaluation. D’Amaro, Walden, movie chief Alan Bergman and ESPN Chairman Jimmy Pitaro were all viewed as contenders for the job.
The board spent months sizing up strengths and weaknesses of external and internal candidates.
Hopefuls were quizzed on their visions for the company and views on such topics as teamwork and corporate culture.
“We wanted to know that whomever we picked beat all comers,” Gorman said. “And our people stress-tested unbelievably well. Yes, the [Disney executives] were given a huge advantage because they understand the culture, it’s a very unique culture, but it wasn’t just that. They were capable and they were ready.”
The board increasingly became comfortable with D’Amaro — a 28-year veteran who started in Disneyland’s accounting division. For the past six years, D’Amaro has run Disney’s parks and experiences division, which now is the company’s largest business unit.
The board also carved out a new role for Walden, a longtime television executive who joined Disney in 2019 with the acquisition of Fox. Gorman described her as a decisive and strong leader, with “creative chops” that she can expand to all parts of the company.
“A new CEO is massively, positively enabled by having their team, if they’re capable,” Gorman said. “And we are blessed with [our team] in place.”
Two days ago, Walt Disney Co. theme parks boss Josh D’Amaro was called into a room where Chief Executive Bob Iger and board chairman James P. Gorman waited with a question:
Would D’Amaro accept the role of Disney’s next CEO?
“It’s surreal. A lot goes through your head in that moment,” D’Amaro said Wednesday morning during a town hall meeting held at the company’s Burbank theater and beamed to employees around the globe. “I got a little choked up when they let me know, because it’s a big responsibility.”
Disney’s board this week unanimously approved the selection of 54-year-old D’Amaro to succeed Iger on March 18 during the company’s annual shareholders meeting.
D’Amaro’s elevation came after years of casual conversation in Hollywood about whether Iger would extend his contract again. But Iger, 74, has made it clear that he’s ready to pass the torch to new leaders, including longtime television executive Dana Walden, who is being elevated to president and chief creative officer for Disney. She becomes Disney’s first female president.
“I feel great about this process,” Iger said during the town hall meeting. “I leave with a tremendous sense of confidence in both Josh and Dana and optimism about the future of this company.”
“It’s liberating, energizing and exhilarating to know the company is in such capable hands,” Iger said.
Wednesday’s gathering, moderated by ABC News anchor David Muir, was meant to introduce D’Amaro and Walden to employees who don’t work in their divisions — and to convey a sense of unity. Walden spoke of her respect and growing friendship with D’Amaro, her soon-to-be boss.
She shared a story about what she saw as D’Amaro’s humanity — which was on display during a heavy Florida rain at Walt Disney World.
“We came across a little boy who had been separated from his family and was sobbing,” Walden said. “I watched Josh in action. … He moved quickly, calmly and with so much care … The team reunited the child with his family so fast … He cares about people.”
D’Amaro sought to inspire the team that the company is sitting on “a really strong foundation.”
“There are very few brands in the world that are 100 years old and still as meaningful and impactful as the Walt Disney Co.,” D’Amaro said.
Walt Disney Co.’s board named Josh D’Amaro, right, as the new chief executive. Dana Walden, left, who is co-chairman of Disney Entertainment, will step into the role as president and chief creative officer.
(Walt Disney Company)
With this week’s move, Disney hopes to put behind its long struggles with succession, dating back to Iger’s appointment two decades ago.
Iger, a longtime ABC executive, had toiled years in the shadow of former Chief Executive Michael Eisner and Disney’s board wanted to give him a shot.
The board had initially set Iger’s target retirement date for 2015. The board instead renewed his contract multiple times, then called him back in 2022 — nearly a year after he had retired — when the last leadership handoff famously unraveled.
This time, Disney’s board was determined to choreograph a smooth transition.
“We had to be open — we couldn’t be questioned on it,” Disney Chairman James Gorman told The Times. “We didn’t just want to have this as a rigged game.”
Los Angeles, CA – January 13: Disney’s Bob Iger, left and director James Cameron, right, at the AFI Awards at Four Seasons hotel, in Los Angeles, CA, Friday, Jan. 13, 2023. The entertainment industry’s biggest names mingle, on the awards season’s road toward the Oscars. (Jay L. Clendenin / Los Angeles Times)
(Jay L. Clendenin/Los Angeles Times)
D’Amaro’s selection culminated two years of planning that began when Iger’s last successor, Bob Chapek, was ousted in November 2022. At the time, Disney’s board announced that Iger would return to serve as CEO for just two years.
But a series of high-level executive departures had thinned Disney’s executive bench. The board later acknowledged it needed additional time to plan succession, and Iger’s contract was extended again, this time to December 2026.
Gorman — a former chairman and chief executive of Morgan Stanley — joined Disney’s board in the fall of 2024. He became chairman in January 2025 and succession planning began in earnest. Unlike in early 2020, when Iger was in charge of the board that tapped Chapek, this time the board formed a succession committee comprised of current and former CEOs of different firms.
Disney Chairman James Gorman, former chairman of Morgan Stanley, led the succession search that culminated this week.
(Hollie Adams / Bloomberg via Getty Images)
The committee, led by Gorman, included General Motors Chief Executive Mary Barra, former CEO of Lululemon Athletica Calvin McDonald; and the former head of Britain’s Sky broadcasting, Sir Jeremy Darroch.
The search began with a list of about 100 potential candidates, Gorman said, including names provided by search firm Heidrick & Struggles. The group eventually culled the list to 30, he said, then narrowed it even more. They met with a few outsiders.
“We wanted to see what was out there … but it’s always difficult to go outside for any company,” Gorman said, adding that typically happens during a crisis.
“You don’t take somebody from the industrial world and plop them in a media company,” he said.
What’s more, the 102-year-old company has a distinct corporate culture — one that still pays homage to founder Walt and instills in its employees (known internally as cast members) the need to serve as guardians of Disney’s treasured characters and brands.
Any outside pick would have been a risky bet.
Four Disney executives were under evaluation. D’Amaro, Walden, movie chief Alan Bergman and ESPN Chairman Jimmy Pitaro were all viewed as contenders for the job.
The board spent months sizing up strengths and weaknesses of external and internal candidates.
Hopefuls were quizzed on their visions for the company and views on such topics as teamwork and corporate culture.
“We wanted to know that whomever we picked beat all comers,” Gorman said. “And our people stress-tested unbelievably well. Yes, the [Disney executives] were given a huge advantage because they understand the culture, it’s a very unique culture, but it wasn’t just that. They were capable and they were ready.”
The board increasingly became comfortable with D’Amaro — a 28-year veteran who started in Disneyland’s accounting division. For the past six years, D’Amaro has run Disney’s parks and experiences division, which now is the company’s largest business unit.
The board also carved out a new role for Walden, a longtime television executive who joined Disney in 2019 with the acquisition of Fox. Gorman described her as a decisive and strong leader, with “creative chops” that she can expand to all parts of the company.
“A new CEO is massively, positively enabled by having their team, if they’re capable,” Gorman said. “And we are blessed with [our team] in place.”
Two days ago, Walt Disney Co. theme parks boss Josh D’Amaro was called into a room where Chief Executive Bob Iger and board chairman James P. Gorman waited with a question:
Would D’Amaro accept the role of Disney’s next CEO?
“It’s surreal. A lot goes through your head in that moment,” D’Amaro said Wednesday morning during a town hall meeting held at the company’s Burbank theater and beamed to employees around the globe. “I got a little choked up when they let me know, because it’s a big responsibility.”
Disney’s board this week unanimously approved the selection of 54-year-old D’Amaro to succeed Iger on March 18 during the company’s annual shareholders meeting.
D’Amaro’s elevation came after years of casual conversation in Hollywood about whether Iger would extend his contract again. But Iger, 74, has made it clear that he’s ready to pass the torch to new leaders, including longtime television executive Dana Walden, who is being elevated to president and chief creative officer for Disney. She becomes Disney’s first female president.
“I feel great about this process,” Iger said during the town hall meeting. “I leave with a tremendous sense of confidence in both Josh and Dana and optimism about the future of this company.”
“It’s liberating, energizing and exhilarating to know the company is in such capable hands,” Iger said.
Wednesday’s gathering, moderated by ABC News anchor David Muir, was meant to introduce D’Amaro and Walden to employees who don’t work in their divisions — and to convey a sense of unity. Walden spoke of her respect and growing friendship with D’Amaro, her soon-to-be boss.
She shared a story about what she saw as D’Amaro’s humanity — which was on display during a heavy Florida rain at Walt Disney World.
“We came across a little boy who had been separated from his family and was sobbing,” Walden said. “I watched Josh in action. … He moved quickly, calmly and with so much care … The team reunited the child with his family so fast … He cares about people.”
D’Amaro sought to inspire the team that the company is sitting on “a really strong foundation.”
“There are very few brands in the world that are 100 years old and still as meaningful and impactful as the Walt Disney Co.,” D’Amaro said.
Walt Disney Co.’s board named Josh D’Amaro, right, as the new chief executive. Dana Walden, left, who is co-chairman of Disney Entertainment, will step into the role as president and chief creative officer.
(Walt Disney Company)
With this week’s move, Disney hopes to put behind its long struggles with succession, dating back to Iger’s appointment two decades ago.
Iger, a longtime ABC executive, had toiled years in the shadow of former Chief Executive Michael Eisner and Disney’s board wanted to give him a shot.
The board had initially set Iger’s target retirement date for 2015. The board instead renewed his contract multiple times, then called him back in 2022 — nearly a year after he had retired — when the last leadership handoff famously unraveled.
This time, Disney’s board was determined to choreograph a smooth transition.
“We had to be open — we couldn’t be questioned on it,” Disney Chairman James Gorman told The Times. “We didn’t just want to have this as a rigged game.”
Los Angeles, CA – January 13: Disney’s Bob Iger, left and director James Cameron, right, at the AFI Awards at Four Seasons hotel, in Los Angeles, CA, Friday, Jan. 13, 2023. The entertainment industry’s biggest names mingle, on the awards season’s road toward the Oscars. (Jay L. Clendenin / Los Angeles Times)
(Jay L. Clendenin/Los Angeles Times)
D’Amaro’s selection culminated two years of planning that began when Iger’s last successor, Bob Chapek, was ousted in November 2022. At the time, Disney’s board announced that Iger would return to serve as CEO for just two years.
But a series of high-level executive departures had thinned Disney’s executive bench. The board later acknowledged it needed additional time to plan succession, and Iger’s contract was extended again, this time to December 2026.
Gorman — a former chairman and chief executive of Morgan Stanley — joined Disney’s board in the fall of 2024. He became chairman in January 2025 and succession planning began in earnest. Unlike in early 2020, when Iger was in charge of the board that tapped Chapek, this time the board formed a succession committee comprised of current and former CEOs of different firms.
Disney Chairman James Gorman, former chairman of Morgan Stanley, led the succession search that culminated this week.
(Hollie Adams / Bloomberg via Getty Images)
The committee, led by Gorman, included General Motors Chief Executive Mary Barra, former CEO of Lululemon Athletica Calvin McDonald; and the former head of Britain’s Sky broadcasting, Sir Jeremy Darroch.
The search began with a list of about 100 potential candidates, Gorman said, including names provided by search firm Heidrick & Struggles. The group eventually culled the list to 30, he said, then narrowed it even more. They met with a few outsiders.
“We wanted to see what was out there … but it’s always difficult to go outside for any company,” Gorman said, adding that typically happens during a crisis.
“You don’t take somebody from the industrial world and plop them in a media company,” he said.
What’s more, the 102-year-old company has a distinct corporate culture — one that still pays homage to founder Walt and instills in its employees (known internally as cast members) the need to serve as guardians of Disney’s treasured characters and brands.
Any outside pick would have been a risky bet.
Four Disney executives were under evaluation. D’Amaro, Walden, movie chief Alan Bergman and ESPN Chairman Jimmy Pitaro were all viewed as contenders for the job.
The board spent months sizing up strengths and weaknesses of external and internal candidates.
Hopefuls were quizzed on their visions for the company and views on such topics as teamwork and corporate culture.
“We wanted to know that whomever we picked beat all comers,” Gorman said. “And our people stress-tested unbelievably well. Yes, the [Disney executives] were given a huge advantage because they understand the culture, it’s a very unique culture, but it wasn’t just that. They were capable and they were ready.”
The board increasingly became comfortable with D’Amaro — a 28-year veteran who started in Disneyland’s accounting division. For the past six years, D’Amaro has run Disney’s parks and experiences division, which now is the company’s largest business unit.
The board also carved out a new role for Walden, a longtime television executive who joined Disney in 2019 with the acquisition of Fox. Gorman described her as a decisive and strong leader, with “creative chops” that she can expand to all parts of the company.
“A new CEO is massively, positively enabled by having their team, if they’re capable,” Gorman said. “And we are blessed with [our team] in place.”
Two days ago, Walt Disney Co. theme parks boss Josh D’Amaro was called into a room where Chief Executive Bob Iger and board chairman James P. Gorman waited with a question:
Would D’Amaro accept the role of Disney’s next CEO?
“It’s surreal. A lot goes through your head in that moment,” D’Amaro said Wednesday morning during a town hall meeting held at the company’s Burbank theater and beamed to employees around the globe. “I got a little choked up when they let me know, because it’s a big responsibility.”
Disney’s board this week unanimously approved the selection of 54-year-old D’Amaro to succeed Iger on March 18 during the company’s annual shareholders meeting.
D’Amaro’s elevation came after years of casual conversation in Hollywood about whether Iger would extend his contract again. But Iger, 74, has made it clear that he’s ready to pass the torch to new leaders, including longtime television executive Dana Walden, who is being elevated to president and chief creative officer for Disney. She becomes Disney’s first female president.
“I feel great about this process,” Iger said during the town hall meeting. “I leave with a tremendous sense of confidence in both Josh and Dana and optimism about the future of this company.”
“It’s liberating, energizing and exhilarating to know the company is in such capable hands,” Iger said.
Wednesday’s gathering, moderated by ABC News anchor David Muir, was meant to introduce D’Amaro and Walden to employees who don’t work in their divisions — and to convey a sense of unity. Walden spoke of her respect and growing friendship with D’Amaro, her soon-to-be boss.
She shared a story about what she saw as D’Amaro’s humanity — which was on display during a heavy Florida rain at Walt Disney World.
“We came across a little boy who had been separated from his family and was sobbing,” Walden said. “I watched Josh in action. … He moved quickly, calmly and with so much care … The team reunited the child with his family so fast … He cares about people.”
D’Amaro sought to inspire the team that the company is sitting on “a really strong foundation.”
“There are very few brands in the world that are 100 years old and still as meaningful and impactful as the Walt Disney Co.,” D’Amaro said.
Walt Disney Co.’s board named Josh D’Amaro, right, as the new chief executive. Dana Walden, left, who is co-chairman of Disney Entertainment, will step into the role as president and chief creative officer.
(Walt Disney Company)
With this week’s move, Disney hopes to put behind its long struggles with succession, dating back to Iger’s appointment two decades ago.
Iger, a longtime ABC executive, had toiled years in the shadow of former Chief Executive Michael Eisner and Disney’s board wanted to give him a shot.
The board had initially set Iger’s target retirement date for 2015. The board instead renewed his contract multiple times, then called him back in 2022 — nearly a year after he had retired — when the last leadership handoff famously unraveled.
This time, Disney’s board was determined to choreograph a smooth transition.
“We had to be open — we couldn’t be questioned on it,” Disney Chairman James Gorman told The Times. “We didn’t just want to have this as a rigged game.”
Los Angeles, CA – January 13: Disney’s Bob Iger, left and director James Cameron, right, at the AFI Awards at Four Seasons hotel, in Los Angeles, CA, Friday, Jan. 13, 2023. The entertainment industry’s biggest names mingle, on the awards season’s road toward the Oscars. (Jay L. Clendenin / Los Angeles Times)
(Jay L. Clendenin/Los Angeles Times)
D’Amaro’s selection culminated two years of planning that began when Iger’s last successor, Bob Chapek, was ousted in November 2022. At the time, Disney’s board announced that Iger would return to serve as CEO for just two years.
But a series of high-level executive departures had thinned Disney’s executive bench. The board later acknowledged it needed additional time to plan succession, and Iger’s contract was extended again, this time to December 2026.
Gorman — a former chairman and chief executive of Morgan Stanley — joined Disney’s board in the fall of 2024. He became chairman in January 2025 and succession planning began in earnest. Unlike in early 2020, when Iger was in charge of the board that tapped Chapek, this time the board formed a succession committee comprised of current and former CEOs of different firms.
Disney Chairman James Gorman, former chairman of Morgan Stanley, led the succession search that culminated this week.
(Hollie Adams / Bloomberg via Getty Images)
The committee, led by Gorman, included General Motors Chief Executive Mary Barra, former CEO of Lululemon Athletica Calvin McDonald; and the former head of Britain’s Sky broadcasting, Sir Jeremy Darroch.
The search began with a list of about 100 potential candidates, Gorman said, including names provided by search firm Heidrick & Struggles. The group eventually culled the list to 30, he said, then narrowed it even more. They met with a few outsiders.
“We wanted to see what was out there … but it’s always difficult to go outside for any company,” Gorman said, adding that typically happens during a crisis.
“You don’t take somebody from the industrial world and plop them in a media company,” he said.
What’s more, the 102-year-old company has a distinct corporate culture — one that still pays homage to founder Walt and instills in its employees (known internally as cast members) the need to serve as guardians of Disney’s treasured characters and brands.
Any outside pick would have been a risky bet.
Four Disney executives were under evaluation. D’Amaro, Walden, movie chief Alan Bergman and ESPN Chairman Jimmy Pitaro were all viewed as contenders for the job.
The board spent months sizing up strengths and weaknesses of external and internal candidates.
Hopefuls were quizzed on their visions for the company and views on such topics as teamwork and corporate culture.
“We wanted to know that whomever we picked beat all comers,” Gorman said. “And our people stress-tested unbelievably well. Yes, the [Disney executives] were given a huge advantage because they understand the culture, it’s a very unique culture, but it wasn’t just that. They were capable and they were ready.”
The board increasingly became comfortable with D’Amaro — a 28-year veteran who started in Disneyland’s accounting division. For the past six years, D’Amaro has run Disney’s parks and experiences division, which now is the company’s largest business unit.
The board also carved out a new role for Walden, a longtime television executive who joined Disney in 2019 with the acquisition of Fox. Gorman described her as a decisive and strong leader, with “creative chops” that she can expand to all parts of the company.
“A new CEO is massively, positively enabled by having their team, if they’re capable,” Gorman said. “And we are blessed with [our team] in place.”
