Disney Set to Name New CEO
Disney’s board is reportedly gearing up to appoint Josh D’Amaro, the chairman of the theme park division, as its new CEO, replacing Bob Iger by the end of this week, according to sources familiar with the situation.
Meetings scheduled for Tuesday and Wednesday are expected to finalize Mr. D’Amaro’s appointment. The current CEO, Iger, is anticipated to step down after holding the position for several years.
Since 2020, Mr. D’Amaro has been at the helm of Disney’s theme parks, the division that generates a significant portion of the company’s revenue. At 54, he is viewed as the leading candidate to take over from the 74-year-old Iger. Yet, there are whispers that Dana Walden, co-chair of Disney’s entertainment division, is his main competition for the position.
While earlier reports hinted at D’Amaro’s ascension, there’s still a chance that the board might reconsider. A Disney spokesperson mentioned that no decision has been finalized yet regarding the next CEO, and an official announcement will follow once a choice is made.
Interestingly, Disney stock dropped over 6% on Monday, despite exceeding first-quarter earnings expectations. The company posted an adjusted profit of $1.63 on revenue of $25.98 billion. Analysts had predicted an EPS of $1.57 and a revenue of $25.74 billion.
D’Amaro’s division celebrated its first quarterly revenue exceeding $10 billion, but analysts fear this growth may not last with declining international tourism affecting park attendance.
Nonetheless, D’Amaro’s potential installation as CEO provides some much-needed clarity for Disney, concluding a CEO search initiated by Chairman James Gorman. Gorman previously managed a successful CEO transition at Morgan Stanley, which many believe offers experience in this complex process.
In the past, D’Amaro, Walden, and other division heads, including Alan Bergman and Jimmy Pitaro, were all contenders for the CEO role. Their pursuit began back in 2022.
As a reminder, Iger has been a pivotal figure at Disney, leading the company from 2005 to 2020 before returning in 2022 after the abrupt departure of his successor, Bob Chapek, who had a rocky two-year tenure.
Initially, Walden and D’Amaro were considered closely matched for the CEO position. Still, D’Amaro’s successes with the theme parks and the mixed reactions surrounding the future of Disney’s “Jimmy Kimmel Live!” have shifted the attention towards Walden. The show faced controversy when Kimmel made an insensitive joke, which led to a temporary suspension, complicated further by negotiations that ultimately brought Kimmel back to the air.
This incident kept Walden in the headlines for several days, which some at Disney might have preferred to avoid, despite his reputation in Hollywood.
If D’Amaro’s appointment goes through, some insiders suggest that Disney might offer Walden a higher creative role to retain him within the company.
D’Amaro has been part of Disney since 1998, previously working for Gillette. He climbed the ranks mainly within the theme park division and has held various leadership roles at California, Hong Kong, and Florida resorts.
