Disney embarks on new chapter as Josh D'Amaro takes over as CEO

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Brazilian actress Larissa Manoela and Josh D’Amaro, then-chairman Disney Experiences, during Day 2 of the D23 Brazil: A Disney Experience at Transamerica Expo Center in Sao Paulo, Brazil, Nov. 9, 2024.

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Disney is turning the page on a new chapter as Josh D’Amaro steps in as CEO of the media and theme park powerhouse.

D’Amaro most recently served as chairman of Disney Experiences, which includes the company’s theme parks, cruise line, resorts and consumer products. He will officially succeed Bob Iger as chief executive during the company’s annual shareholder meeting Wednesday.

“As I step into the CEO role today, I am humbled and honored to help write the next chapter of this company alongside this team,” D’Amaro said in a memo to employees on Wednesday. “This transition comes at a moment when the world is changing faster than ever. While that can feel daunting at times, it is also exciting.”

The longtime Disney executive takes over after a period of uncertainty for the century-old company — including a closely watched succession race and a recent reorganization and turnaround — that has left it with a mixed reception from Wall Street.

Disney’s stock is down more than 10% year to date.

D’Amaro’s most immediate task will be sustaining momentum in Disney’s core growth areas. The company’s most recent quarterly earnings were lifted by its theme parks and streaming, the two areas that remain in focus for investors, industry peers and consumers alike.

In the Wednesday memo, D’Amaro noted the importance of Disney’s storytelling and creative unit as well as the need to embrace technology to advance all parts of the company.

During the company’s shareholder meeting, D’Amaro referred to Disney+ as “the digital centerpiece of our company,” noting the combination with Hulu, which is set to be completed later this year and expected to “drive even more value for subscribers and our business.” He also highlighted Disney’s international growth and the release of seven originals outside of the U.S.

The company has also recently embarked on a major investment in its theme parks, including an expansion with a theme park and resort in Abu Dhabi, United Arab Emirates, and has seen its streaming business reach consecutive quarters of profitability.

And, Disney returned to the top of the box office with hits like “Lilo & Stitch,” “Zootopia” and “Avatar” in 2025.

During D’Amaro’s remarks to shareholders, he acknowledged disruption going on in the media industry and how it has led to deal-making and consolidation for the company’s peers.

“Disney is in a category of one poised to accelerate into our next era of innovation and growth,” D’Amaro said. “And this next chapter will be driven by staying focused on world-class creativity, enhanced by technology, bringing unforgettable stories to audiences wherever they are.”

Welcome wagon

In this handout image provided by Disneyland Resort, Disney Experiences Chairman Josh D’Amaro and The Walt Disney Company Chief Executive Officer Bob Iger speak during the 70th anniversary celebrations of Disneyland Resort on July 17, 2025 in Anaheim, California.

Handout | Getty Images Entertainment | Getty Images

This is the second time Iger handed over the reins to a successor in roughly six years. He will remain as a Disney senior advisor and board member until he retires from the company on Dec. 31.

The storied CEO led Disney for roughly 20 years over the course of two stints at the top. In his first 15 years Iger was responsible for some of its biggest acquisitions. like Marvel’s and Fox’s entertainment assets, as well as the launch of Disney+.

He stepped down in 2020, but his time away from the company was capped at two years following a handoff to Bob Chapek that was rife with drama.

“I never dreamed I would end up as CEO of The Walt Disney group, and I certainly never expected to step into the role a second time. But once I did, I was quickly reminded of the tremendous responsibility that being entrusted with something very special bears,” Iger said during the shareholder meeting, marking his final day at the company.

In Disney’s February announcement of the leadership transition, Iger called D’Amaro an “exceptional leader and the right person to become our next CEO.”

D’Amaro, 55, has been at Disney since 1998 and has held a variety of roles at the company. Under his leadership, Disney’s theme parks division has blossomed into a driving force and an earnings driver.

“When Bob returned to the company a few years ago, his goal was to fortify our business and lay the groundwork for long-term growth, by reigniting creativity and improving performance at our studios, building a robust and profitable streaming business, transforming ESPN for a digital future, and turbocharging our parks and experiences,” D’Amaro said during Wednesday’s meeting.

“We’ve accomplished all of those things, and we’re operating from a place of strength, with ample opportunity for growth.”

In his memo to employees, D’Amaro said Iger had led Disney in the spirit of “vision, ambition, integrity, and optimism.”

“It is a privilege to follow in his footsteps and lead this team, and I do so with a deep sense of responsibility and excitement about our future,” he continued. “This is an extraordinary company, and that is because of the talented, passionate, and dedicated people who work here.”

Read Josh D’Amaro’s memo to employees here:

Dear Fellow Employees and Cast Members,

More than 40 years ago, my family took me to Disneyland for the first time. One of the first attractions we rode was Peter Pan’s Flight, inspired by the animated film so many families already knew and loved. I can still picture my father’s face when our pirate ship lifted into the dark. As we flew over London, he leaned in and said, “See, I told you. It feels like we’re flying!” I remember that moment clearly. It was joy. It was family. And it was Disney.

I have thought about that moment many times because it captures something essential about this company. At its best, Disney creates stories, characters, and experiences that people connect with deeply and carry with them for a lifetime. That takes exceptional creativity, craftsmanship, and thousands of people united by a shared commitment to excellence.

As I step into the CEO role today, I am humbled and honored to help write the next chapter of this company alongside this team.

The magic of Disney comes to life in many ways — through our films and series, ESPN and sports, our music and stage shows, our streaming platforms and consumer products, and our theme parks, hotels, and cruise ships. Each strengthens the others, extending Disney’s reach in ways no one else can match.

That puts Disney in a category of one. It was clear to me when I started here 28 years ago, and it is even clearer today. No one else can do what we do with the same combination of creativity, quality, and global scale. We reach people in more places than ever before, and every minute of every day, someone somewhere in the world is engaging with Disney.

We stand on an extraordinary foundation, and the priorities that will guide us forward are clear.

First, great storytelling and creative excellence will remain our North Star. They underpin every decision we make. We will continue to raise the bar, take smart risks, learn quickly, and deliver work that exceeds our audiences’ expectations and our own.

Second, we will embrace technology to unlock new possibilities. Innovation has always been part of Disney’s DNA. Used thoughtfully, it can empower our storytellers, strengthen our capabilities, and help us create more immersive, interactive, and personal ways for people to experience Disney.

Third, we will operate as One Disney. Our greatest advantage is not any one business, but how our global businesses come together. When our teams are aligned and working in a connected way, we can build on our strengths, reach people wherever they are, and deepen their relationship with Disney.

This transition comes at a moment when the world is changing faster than ever. While that can feel daunting at times, it is also exciting. Disney has endured and thrived for generations by meeting change with vision, ambition, integrity, and optimism. Bob Iger has led this company in that spirit, and I am grateful for his trust, mentorship, and friendship through the years.

It is a privilege to follow in his footsteps and lead this team, and I do so with a deep sense of responsibility and excitement about our future. This is an extraordinary company, and that is because of the talented, passionate, and dedicated people who work here.

That feeling of flying I had on Peter Pan all those years ago is still real to me. And today, I am honored to move forward with all of you — with ambition, optimism, and absolute confidence in what we can build together.

Josh

— CNBC’s Stephen Desaulniers contributed to this report.

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