Walt Disney has named Josh D’Amaro as its new CEO, ending years of uncertainty over who would replace Bob Iger at the entertainment giant.
D’Amaro, 54, currently heads Disney Experiences, the division responsible for the company’s theme parks, resorts and cruise business.
He will officially take over on March 18 during Disney’s annual investor meeting.
Bob Iger, 74, will remain as a senior adviser and board member until his retirement on December 31.
In a statement, Iger said he was “proud to step away at a moment when Disney’s future has never been brighter.”
He added that D’Amaro is the “right person” to lead the company.
D’Amaro joined Disney in 1998 and worked his way up through the parks business. Disney Experiences employs about 185,000 people worldwide and brought in $36 billion in revenue last year.
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Reacting to his appointment, D’Amaro said he was grateful for the opportunity.
“I am immensely grateful to the Board for entrusting me with leading a company that means so much to me and millions around the world,” he said.
Disney also announced that Dana Walden, co-chair of Disney Entertainment, has been appointed president and chief creative officer, reporting to D’Amaro.
Disney board chair James Gorman praised the choice, saying D’Amaro understands both business and creativity.
“There’s so much that he’s done creatively, and storytelling, and such a deep understanding of the brand,” Gorman told CNBC.
The leadership change comes as Disney continues to face pressure from shifting streaming trends, political scrutiny, and changing audience habits.