A New CEO is Announced! Disney Insights on Josh D’Amaro

In overviewing 2026 I said that the naming of a new CEO would be the most important milestone of the year for Disney. In truth, it may be the biggest moment of the decade. Today, February 3rd 2026, The Walt Disney Company Board of Directors announced that, in a unanimous vote held on Monday, it elected Disney Experiences Chairman Josh D’Amaro to become Chief Executive Officer of The Walt Disney Company. We look first at the context of that announcement, and the specifics behind it, to include the promotion of Dana Walden, Co-Chairman of Disney Entertainment into a new role. We’ll see what others have to say about this, to include not only James Gorman, Chair of The Walt Disney Company Board of Directors, but Bob Iger, current CEO, and even Michael Eisner, the former CEO of the company. We’ll then highlight some of the tactical challenges ahead as well as the strategic opportunities moving forward, in this, one of the most unique companies in the world. Join us as we offer Disney Insights to the appointment of the new CEO of The Walt Disney Company, Josh D’Amaro.

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The Setting

Just prior The Walt Disney Company reported its FY26 first quarter results on Monday with CEO Bob Iger and CFO Hugh Johnston. It included the following key results:

• Disney film studios generated more than $6.5 billion at the global box office in calendar year 2025. This makes it its third biggest year ever and its ninth year as No. 1 at the global box office in the last 10 years.
• Zootopia 2 and Avatar’s Fire and Ash each surpassed the $1 billion mark at the global office.
• Zootopia 2 was the highest grossing Hollywood film of all time in China, earning more than $630 million at the box offices so far, tying perfectly in with driving attendance to the Zootopia land at Shanghai Disneyland.
• Some 37 billion-dollar films have come from the studios out of the 60 films that have hit this mark industrywide, and Disney has four times as many as any other studio.

• At Disney+ seven of the top ten most-watched shows of 2025 streamed at Disney+ or Hulu, and Bluey was the most-streamed show in the U.S. for the second year inaugurated row, with 45 billion minutes watched.

• ESPN held 30% of all sports viewership across networks, leading the industry.

• Disney Adventure World is poised to open in Paris next month, reinvigorating the previous Walt Disney Studios Paris into a better must see designation next to the Disneyland Paris park.
• Disney Cruise Line launched Disney Destiny with strong reviews, and is set to launch Disney Adventure in Singapore next month. This brings the total to eight. Five more are scheduled beyond this.

And yet, the first-quarter net income missed analyst expectations and caused a short drop.

Why do these results matter at this time? These results altogether are not perfect but are a better set up for the future than was the moment Bob Chapek stepped into the role just on the eve of Covid. It’s a good stepping off place for Josh and Company–it is also their own benchmark they must surpass.

Announced Changes

• Josh D’Amaro: Effective as of March 18, 2026, Josh will become the next CEO at the upcoming Annual Shareholder’s Meeting. The Board also intends to appoint D’Amaro as a director immediately following that meeting. He is set to receive a pay package of about $38 million. That compensation breaks down into an annual base salary of $2.5 million as well as a one-time award of $9.75 million, and a long-term stock incentive of $26.2 million.

• Dana Walden: Concurrent with D’Amaro’s appointment, Dana Walden, Co-Chairman of Disney Entertainment, has been named President and Chief Creative Officer of The Walt Disney Company, also effective March 18. As Co-Chairman of Disney Entertainment, Walden has led Disney’s world-renowned, award-winning entertainment media, news, and content businesses globally, including Disney’s streaming businesses. In this new role – a historic first for the enterprise – Walden will report directly to D’Amaro and will ensure that storytelling and creative expression across every audience touchpoint consistently reflect the brand, engage audiences at scale, and advance core business objectives, while driving enterprise-wide initiatives and translating vision into action. Walden’s new contract sets out an annual base salary of $3.75 million, with a one-time award of $5.26 million. She is also eligible for an annual bonus of 200 percent of her base salary, While she has a higher base salary than Josh, Walden receives fewer stock awards, with a planned annual stock awards amounting to $15.75 million. 

• Bob Iger: He will transition at the annual shareholder’s meeting on March 18th, turning over the CEO reigns at that time. Afterwards, he will continue to serve as Senior Advisor and a member of the Disney Board until his retirement from the company on December 31, 2026.

• Disney Entertainment Co-Chairman Alan Bergman and ESPN Chairman James Pitaro, both of whom were considered for this role, will continue in their current roles working with D’Amaro and Walden. 

Responses

Words from the Press

Yahoo Finance: Disney has spent the better part of the past decade insisting it is, at heart, a storytelling company. On Tuesday, it made a quieter admission: Its next chapter will be run by the person in charge of the part of the business that prints the most reliable cash.

Words from James Gorman, Disney Board Chairman

From Variety: “We evaluated, I don’t know, probably over 100 external people we reviewed in some shape or form, spoke to a few of them. We evaluated four internal candidates that went had multiple meetings with them, and we were looking for people who had not just run good businesses, which is what I call necessary but not sufficient, but had the ability to grow into what a CEO does, which is very different from running a business. And Josh demonstrated the curiosity, innovation, energy, passion for the brand, you know, and all the intrinsic qualities. But we were blessed. We had four great people. It was like an embarrassment of riches. They’re all terrific…They’re all very experienced, very successful executives.”

Note: This search included Mary Barra, the CEO of General Motors, Jeremy Darroch, the former chief executive of Sky, and Calvin McDonald, the CEO of Lululemon.

From Hollywood Reporter: “Now, it’s not always easy to do, and obviously, personalities, ambitions, all that stuff comes into play,” he adds. “People are human. I mean, human emotions run during times of transition, but I’m very proud of the way everybody’s behaved and their professionalism, and I’m excited for the future.”

From Variety: “We finally came to a decision when we had the board discussion yesterday. We’ve been playing with various scenarios over a long period of time when, you know, it’s sort of, it gels as a group of people. There were 10 people, they voted, they voted unanimously, and it gelled and it gelled beautifully.”

On CNBC: “I wanted to be able to say – and the board wanted to be able to say that whoever got this job beat all comers,” he told the network. “This wasn’t a rigged game. This was all comers, and Josh did it.”

From Variety: “I think the world has been waiting for us to get this done and get it done clearly, and it’s been done and it’s been done cleanly.”

Words from Bob Iger

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO…He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company.”

Words from Roy P. Disney.

Walt Disney’s grandnephew noted: “He genuinely loves Disney, and I love him for that.”

Words from Michael Eisner

“Congratulations to Josh D’Amaro for becoming the CEO of The Walt Disney Company, and congratulations to Chairman James Gorman for making such a wise pick as well as promoting Dana Walden to president and Chief Creative Officer. My advice to Josh is continue Bob Iger’s strategy that creativity will handle profits, always protect the brand, and keep close the words of Walt Disney: “We love to entertain kings and queens, but the vital thing to remember is this–every guest receives the VIP treatment.”

Words from Josh

“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…Disney’s strength has always come from our people and the creative excellence that defines our stories and experiences. There is no limit to what Disney can achieve, and I am excited to work with our teams across the company and brilliant creative partners to honor Disney’s remarkable legacy while continuing to innovate, grow, and deliver exceptional value for our consumers and shareholders. I also want to express my gratitude to Bob Iger for his generous mentorship, his friendship, and the profound impact of his leadership.”

Who is Josh D’Amaro & What Makes Him the Right Person?

D’Amaro, 54, has served as Chairman of the Disney Experiences segment since 2020, and prior to that was President of Walt Disney World Resort. He joined the company in 1998 at Disneyland Resort.

As Chairman of Disney Experiences, D’Amaro oversees 12 theme parks and 57 resort hotels worldwide, with plans for a new park in Abu Dhabi. His responsibilities include Disney Signature Experiences—including Disney Cruise Line, Disney Vacation Club, Adventures by Disney, Disney Institute, and Storyliving by Disney—as well as overseeing Walt Disney Imagineering and Disney Consumer Products. He also manages digital ventures, including the collaboration with Epic Games to create a Disney universe within Fortnite.

D’Amaro has been instrumental in expanding Disney’s iconic franchises through the creation of immersive, story-driven experiences at Disney’s theme parks, such as Star Wars: Galaxy’s Edge, the Marvel-themed Avengers Campus, Mickey and Minnie’s Runaway Railway, and World of Frozen. Building on this momentum, upcoming projects include the development of a Monsters, Inc.-themed land at Disney Hollywood Studios at Walt Disney World Resort, a new Avatar destination at the Disneyland Resort, and expansive new areas inspired by Cars and Disney Villains as part of the largest-ever expansion of the Magic Kingdom.

Over his nearly three-decade career at Disney, he has held leadership roles across the company both in the U.S. and internationally, including in finance, business strategy, marketing, creative development and operations. His past positions include President of Disneyland Resort and President of Walt Disney World Resort.

D’Amaro earned a bachelor’s degree in business administration from Georgetown University.

• Experience 28 years as a Disney Veteran nearly 3 decades
• Has been the architect of the largest global expansion in Disney Experiences history
• Delivering Results
• Working Effectively with Others

During the earnings call, Iger reflected on his tenure and admitted that there was “a tremendous amount that needed fixing” at Disney when he came back for his second stint in the C-suite. He said, “Anyone who runs a company also knows that it can’t be about fixing. It has to be about preparing a company for its future.”

Current Tactical Challenges

• Cast Members. He has to Relate to 220,000 plus employees. Fortunately, about 180,000 have already been under his leadership.
• Transitioning from Iger. It has to be better than it was between Iger and Chapek. Fortunately, Iger has already done considerable work tutoring D’Amaro. And the turn around won’t be as long this time.

• Filling his Previous Roles. Thomas Mazloum and Jeff Vahle are in my opinion, the forerunners. Thomas is over Disneyland now, but was previously president of Disney Signature Experiences. Jeff has a long history with Walt Disney World and has led nearly 1/3rd of Disney’s total workforce. Beyond this, it is not clear if the company will find another entertainment co-chair to work alongside Bergman given Walden’s elevation.
• Keep momentum & success moving. The 2025 report looks solid. He has to make 2026 look the same if not better. Economically, it’s still a roller coaster ride.
• Gain Hollywood’s Respect. This was a huge issue for Bob Chapek highlighted by a played out conflict with Scarlett Johansson, among others.
• Look Good to Wall Street. This and the next one may be the hardest. Josh has to pivot well before Wall Street. Noted in the NY Times article on Imagineering, they came in on budget with over 95% of their projects. Gorman believes he has a savvy financial sensibility.
• Politics. How to navigate the nation’s divisive political landscape, and at the same time appeal very much to a much more global audience that equally embrace Mickey and company.

Strategic Opportunities

• Keep Turbo Charging the Parks. Bob Chapek made many promises at D23 before he took over as CEO. Many of those promises were never kept–partly because of Covid, and partly because of financial decisions Chapek made. This can’t be the case here. It’s not just about spending $60 billion in the next decade, but spending them well.
• Miral. Huge opportunity is ahead, but it’s a complicated project with many facets.

• Gaming. To increase its hold on teenagers and 20-somethings, Disney will also need to become a bigger player in games. Disney already licenses its characters for video games, but the company — at Mr. D’Amaro’s prodding — is investing billions of dollars in a Fortnight-connected Disney universe.
• Artificial Intelligence
  • Housing product knowledge for All Imagineering
  • Creating an AI-powered planning tool and video generator to improve advertiser engagement
  • Open AI Agreement. This is with Disney taking a stake in OpenAI and bringing characters to Sora, the artificial intelligence start-up’s short form video platform-Josh was involved with a deal that Bob Iger made according to NY Times.

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David & Leah Zanolla

ZanollaTravel.com
Owner/Agents

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