Today marks the start of a new era for Disney as long-time CEO Bob Iger officially passes the baton to his successor, Josh D’Amaro, at the company’s annual shareholders meeting.
D’Amaro, a 28-year veteran of the company, was named Iger’s replacement on Feb. 3. He most recently served as head of Disney Experiences, which includes the company’s theme parks, cruise line, resorts and consumer products.
Disney and D’Amaro have said very little about how he plans to lead the company, and today’s shareholder meeting could offer a first glimpse into the company’s direction at a pivotal moment for the media industry.
The company, with a market cap of $175.98 billion,will have to contend with a shifting landscape as competitor Paramount Skydance prepares to acquire Warner Bros.,potentially cutting into the company’s market share. Since Iger returned as CEO in 2022, the company’s shares have underperformed compared to the wider market.
The company’s messaging around D’Amaro’s ascension has focused on ensuring a smooth transition following the short, controversy-filled tenure of Iger’s first replacement, Bob Chapek.
A key difference this time is that Iger will temporarily stay on as a senior advisor and board member, even though he’s stepping down as CEO eight months ahead of schedule. After appointing Chapek in 2020, Iger remained full-time as executive chairman and directed Disney’s creative projects.
Former Morgan Stanley CEO James Gorman, who has been Disney’s board chairman since 2025, led the succession planning committee to replace Iger.
“Bob came to the point where he had developed the talent. And he said, ‘This is for me to step aside now,’” Gorman said in an interview with CNBC last month. “Yes, he could technically be CEO through the end of his contract. That wasn’t the aspiration. The aspiration was to get the company ready and to get the talent ready, not worrying about what the contract says.” He later added that this time there would be no drama.
This new structure will allow for a “clean break,” and an orderly succession, board advisor and lawyer Richard Leblanc previously told Fortune.
“There is always pressure on the new CEO when the old CEO is there to not make any sudden moves, and to carry on the CEO’s legacy,” said Leblanc. In contrast, when the old CEO moves on, “they exit the company so that the new CEO can find their way and implement change without feeling as though someone is looking over their shoulder.”
Disney also announced Dana Walden, who was widely reported to be a CEO contender, will become the company’s president and chief creative officer, a new role. Walden previously served as the co-chairman of Disney Entertainment, where she oversaw Disney’s movies, television, news and content businesses.
Even though D’Amaro will be her boss, Walden’s base salary of $3.75 million is roughly 50% higher than D’Amaro’s starting base salary of $2.5 million, a strategic incentive for an executive who could have left the company after losing the top job.
D’Amaro will have to fill Iger’s legendary shoes after a nearly two-decade tenure that included the acquisition of the company’s most iconic brands, including Pixar in 2006, Marvel Entertainment in 2009, and Lucasfilm in 2012. Disney has also made major investments in its theme parks and plans to open a new theme park and resort in Abu Dhabi.
The incoming CEO is well-positioned to lead the company’s growth. Under D’Amaro, Disney’s parks and experiences have become the company’s primary profit engine, accounting for more than 70% of operating income despite representing under 40% of total revenue. Streaming is the other major growth driver for the company, following consecutive quarters of profitability.
The slow transition aligns with D’Amaro’s leadership style. As he told students at his alma mater, Georgetown University, last year, he prefers to approach new roles by listening.“There’s gravity to a business card with a title on it. You start to take on that identity, but that’s not who you are,” D’Amaro told the students. “Now, every time I walk into a new job, I say, ‘I don’t know.’ But I know you do, and I know I can help.”
