Having weathered much financial turbulence and a long deliberation, The Walt Disney Co. finally chose a new leader – again.

In a unanimous vote Monday by the Disney board of directors, Disney Experiences Chairman Josh D’Amaro emerged to succeed Bob Iger as chief executive, effective March 18 at the company’s annual meeting.

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said in a statement. “His ability to combine creativity with operational excellence is exemplary, and I am thrilled for Josh and the company.”

A 28-year veteran at the Burbank-based entertainment giant, D’Amaro joined as a business planner at the Anaheim resort and worked his way up to helm Disney Experiences (formerly known as Parks, Experiences and Products) in 2020, overseeing 12 theme parks and 57 resort hotels worldwide. He previously served in finance, business strategy, marketing, creative and operational departments for Disney in the U.S. and around the world.

D’Amaro has his work cut out for him after Iger, who is considered one of the most successful chief executives in media and entertainment – so much so that Disney brought him back in 2022 after he’d already retired as chief executive.

“Of course, I feel the weight on my shoulders,” D’Amaro said in an interview with ABC World News Tonight last Tuesday. “I think I should feel it.” 

Iger told ABC World News Tonight that one of the many reasons D’Amaro was chosen is because he “observed him over the years that we’ve worked together as someone that views technology as an opportunity and not a threat.”

New president

As part of the announcement, Disney tapped Dana Walden, Disney Entertainment co-chairman,​ to serve as president and chief creative officer – reporting directly to D’Amaro. Iger described Walden as “a wonderful choice” for the newly created role, given her status in the creative community and that “creativity is at the heart of everything Disney does.”

News about the new leadership came a day after Disney’s released its first-quarter earnings – posting 5% growth in year-over-year revenue at roughly $26 billion and beating Wall Street’s expectations of $25.7 billion.

Under D’Amaro’s leadership, Disney Experiences hit a record $10 billion revenue from its parks, cruise ships, hotels and merchandise for the first time in Disney’s centennial run. It generated $3.3 billion of operating income – a 6% boost year-over-year – accounting for 71% of total operating profits for the quarter.

Despite hitting key financial goals, Disney shares took a tumble – falling 7.4% Monday to close at $104.57 a share. The price dipped further by 2% the following day though bounced back to close at $104.24. It closed at $104.97 on Thursday.

Investors are likely weighing the choice for the top job, along with Disney’s future.

“At face value, it would be concerning to Hollywood talent that Disney once again opted for the parks chief to head the company,” said Alicia Reese, senior vice president in equity research at Pasadena’s Wedbush Securities. “However, we think Iger’s decision was thoughtful and balanced, and by placing Dana Walden as chief creative officer, the message should be clear that Disney will remain committed to Hollywood.”

‘Much better shape today’

Iger built Disney into what it is today – the giant among giants.

He had many accomplishments during his first term between 2005 and 2020, including acquiring Pixar, Marvel and Lucasfilm, introducing Disney+ and transforming Disney into a powerhouse. Dow Jones market data showed a 438% increase in Disney stock prices during Iger’s first run, surpassing the 155% gain by S&P500 during that same period.

After retiring and hand-picking Bob Chapek as his successor, Iger eventually returned for a second stint in 2022. The board fired Chapek due to some miscalculations and missteps, exacerbated by the Covid-19 pandemic that shut down the theme parks – Disney’s historic top revenue and profit driver. Disney shares dropped more than 40% over the course of the last five years.

Iger’s second term is marked by his efforts to stabilize the company through tough times. In his final earnings call on Monday, he noted the company’s successes – turning the streaming business around and improving theme park performance.

In its first-quarter report, the company reported strong growth from Disney+ and Hulu at a total revenue of $5.35 billion and an operating income of $450 million – a whopping rise of 72% from the first quarter of 2025. Film studios generated more than $6.5 billion in global box office in calendar year 2025 – with “Avatar: Fire and Ash” reaching the $1 billion bar. “Zootopia 2” was marked as Hollywood’s highest-grossing animated film on record, generating more than $1.7 billion.

Iger leaves behind a legacy of significant growth despite the company’s stock taking
the hit.

“The good news is that the company is in much better shape today than it was three years ago. Because we have done a lot of fixing,” Iger said on the earnings call. “Three years ago, (streaming) lost about a billion-five in the last quarter before I came back, and I think almost $4 billion last year. And you see the results this quarter … it’s making more than a billion dollars and we’re on a path to turning into a far better business.”

Changing times

Changes in consumer habits and new technology have signaled media and entertainment giants like Disney to shift focus.

A Deloitte survey last year found 35% of all respondents spending more time watching videos on social media than on streaming services. It also found the younger the audience is, the more they prefer social media, with 58% of Gen Z respondents agreeing.

O the other hand, artificial intelligence has also become pivotal for entertainment executives from Kartoon Studios Inc. in Beverly Hills to Universal Music Group in Santa Monica. Disney too tested the waters with a $1 billion, three-year licensing agreement with OpenAI last December.

That partnership allows users to make videos using more than 200 Disney characters with OpenAI’s short-form generative AI video platform, known as Sora. Users can then post them to Disney+ to be viewed and shared, blurring the line between streaming and social media.

“We have obviously noticed the huge growth in short-form and user-generated content on other platforms such as YouTube,” said Iger. The deal “jump starts our ability to have short form video on Disney Plus” as a “positive step” to boost user engagement.

“I also believe that you know, in a world that changes as much as it does, that in some form or another trying to preserve the status quo was a mistake,” Iger said. “I’m certain that my successor will not do that. So, they’ll be handed, I think, a good hand in terms of the strength of the company.”

Expanding the Disney experience

The Disney theme parks are certainly booming. World of Frozen in Paris opens in a few months, Disneyland Abu Dhabi is in active development and a high percentage of consumers rushed to Shanghai Disneyland just to see Zootopia.

“Experiences segment is the one the company heavily invests in,” Seeking Alpha analyst Florian Muller wrote in a report. “It is the most profitable way to monetize Disney’s valuable IP.”

Despite the growth Disney Experiences saw this quarter, some analysts say the outlook on parks might be opaque. The same political tension that reduces international patronage to domestic parks also reduces Disney hotel bookings, which could further shrink profit margins.

“We expect Disney to continue to use promotions and other yield management efforts to manage through the uncertainty,” wrote Ric Prentiss, head of telecommunication services and media equity research at Raymond James Financial Inc., in a report. “But on top of Comcast/Universal’s Epic Universe competition, the (fiscal first quarter 2026) results further clouded the near-term Parks’ outlook rather than bringing clarity.”

Some analysts noted that D’Amaro will focus on the extensive library of intellectual property that includes Marvel, 20th Century Fox and Pixar assets as an avenue to maintain and bolster the growth that the company is experiencing.

“This is a make-or-break moment for Disney, as the company cannot afford another strategic misstep,” another Seeking Alpha analyst pointed out. “A disciplined rollout of high-quality IP would reinvigorate Disney’s entire flywheel, from streaming to Parks and Experiences.”

Battle over media and entertainment

Entertainment companies are already wrestling for popular intellectual property. The bidding war between Netflix Inc. and Paramount Skydance Corp. over Warner Bros. Discovery Inc., who has an extensive library, serves as the latest example.

Even Iger acknowledged the tussle in his call, saying Disney will focus on growing its existing intellectual property and creating new ones.

“If anything, the battle for control of Warner Brothers Discovery should emphasize or cause investors to appreciate the tremendous value of our assets,” Iger said. “Particularly our (intellectual property), that includes, obviously, all of our brands and our franchises.”

Iger added: “We’ve got an unbelievable bedrock of stories already told to grow from.”

This will all be in the hands of D’Amaro, who seems to share Iger’s vision that a good leader for Disney should find “that careful balance between legacy and innovation.”

D’Amaro also shared in his interview with ABC News that he would keep on taking risks, just like Iger did.

“I just feel so fortunate to be in a position to be able to be that next steward for the brand into the next 100 years,” he said.