Disney Board Close to Choosing New CEO

Walt Disney’s board of directors seems to be nearing a decision to appoint Josh D’Amaro, the current parks chief, as its next CEO. D’Amaro has been instrumental in aligning corporate goals with his progressive ideals.

Mr. D’Amaro, aged 54, would take over from Bob Iger, who recently made a comeback as CEO after leading the company from 2005 to 2020. While the choice hasn’t been officially confirmed, sources indicate that D’Amaro is the frontrunner.

After D’Amaro, other prominent candidates include ESPN chairman Jimmy Pitaro as well as Disney co-chairmen Dana Walden and Alan Bergman.

Since joining Disney in 1998 from Gillette Razor Company, D’Amaro has overseen substantial investments in parks, resorts, and cruise lines, totaling around $60 billion. He also played a significant role in acquiring a $1.5 billion stake in Epic Games, known for the popular game, Fortnite.

Following the news of D’Amaro’s potential promotion, Disney’s stock dipped by 1.91%.

Disney parks have largely remained one of the company’s solid financial pillars, though they have encountered challenges under D’Amaro’s leadership. For instance, the popularity of Disney theme parks decreased by 26% last year compared to other entertainment venues. Moreover, attendance at Disney parks last September reached its lowest point since he took over.

Since 2020, D’Amaro’s administration has focused on making Disney parks more progressive. For example, the phrase “ladies and gentlemen” was removed for being deemed non-inclusive. In another instance, a park faced backlash for featuring a male performer dressed as a woman at the Bibbidi Bobbidi Boutique for children.

Additionally, Disney has invested heavily in refurbishing attractions like Splash Mountain and Jungle Cruise after activists labeled them as “racist.” The company has been actively incorporating an aggressive LGBTQ and transgender narrative into its children’s programming, from movies to theme park experiences.