It’s official: Josh D’Amaro is Disney’s new top dog — or, in this case, mouse.
D’Amaro, who oversees Disney’s parks as its experiences chairman, was just chosen to succeed Bob Iger as CEO. Iger is set to step down on March 18, paving the way for D’Amaro to take over.
D’Amaro is an “exceptional leader and the right person to become our next CEO,” Iger said in a statement. Disney’s board voted unanimously for his promotion on Monday, the company said in a statement.
The incoming CEO has big shoes to fill, and much to learn about Disney’s business beyond its parks, cruises, and products. D’Amaro will be tasked with growing streaming platforms like Disney+ and Hulu to offset declines in its TV networks business, while easing ESPN’s transition into the streaming age.
Here’s what Disney fans, employees, and investors need to know about D’Amaro as he becomes CEO.
How Disney’s new CEO rose through the ranks
D’Amaro, a Massachusetts native, shares a birthday with Iger, who is exactly 20 years older. He’ll be 55 years old on February 10, as his eventual predecessor turns 75. The two also appear to have a similar fashion sense. Both D’Amaro and Iger regularly don sweaters over collared shirts, and have a penchant for jackets paired with white shirts.
From childhood, D’Amaro was a Disney fan. He told the Orlando Business Journal in 2020 that his must-do Disney World ride is “Peter Pan’s Flight,” which he said he and his siblings rode as kids — an experience he said he tries to recreate “whenever I’m here.”
The soon-to-be CEO studied business administration at Georgetown University in Washington, DC. He had transferred in from New York’s Skidmore College, where he studied art and sculpting but had doubts about how he’d make a living, The New York Times reported.
After graduating in 1993, D’Amaro worked at Boston-based Gillette for a few years.
D’Amaro began his Disney journey in 1998, working at Disneyland as a business planner. Twenty years later, he became president of Disneyland, before moving from Anaheim to Orlando a year later to take the same position at Disney World.
Before that role, D’Amaro had worked on the park’s business development, marketing strategy, and sales teams. D’Amaro also had roles at Disney World’s Animal Kingdom and Hong Kong Disneyland — a valuable experience, given how crucial China is to Disney’s business.
Outside the parks, D’Amaro had also worked in Disney’s consumer products businesses as a VP of global licensing.
After more than two decades at Disney, D’Amaro was promoted to Disney Experiences chairman to oversee parks, cruises, and consumer products in early 2020 — at the most difficult time possible amid a pandemic.
D’Amaro filled a role left by then-CEO Bob Chapek, who was eventually pushed out and replaced by Iger, who had retired.
Under his tenure, Disney has continued to expand its parks business, including announcing in March its plans to launch a seventh park in Abu Dhabi.
“For every one theme park visitor that we have in our existing experiences today, we believe there are 10 more out there that want to come and participate in the Disney experience,” D’Amaro said in May at MoffettNathanson’s media conference.
Onward and upward, for both prices and profits
Under D’Amaro, an experiences business that slowed to a standstill during the pandemic roared back to life as Disney fans raced back to the parks after years of being cooped up at home.
As demand for Disney parks surged, so did prices. Park ticket costs have risen in each of the past four years, and profits, revenue, and visits have climbed as well.
While Disney has received some criticism from fans for making its parks less affordable for middle-class families — with a slew of upcharges for fast-pass Lightning Lanes and costly food — those complaints don’t appear to be hurting the company’s bottom line.
Disney’s experiences segment just topped $10 billion in quarterly revenue for the first time ever, while its $3.3 billion in operating income made up more than 70% of the company’s profit.
As CEO, D’Amaro must gain Wall Street’s favor by pulling off similar feats in Disney’s streaming, TV, and movie businesses. Disney’s stock has fallen around 9% over the past year, and it’s shed about 43% of its value from five years ago.
Although another Iger unretirement and takeover is almost inconceivable, the longtime Disney leader has made clear that he’s left the company on the right track, putting pressure on his successor.
Both the experiences and entertainment businesses “have the ability to grow nicely into the future, given all the investments that we’ve made and the trajectory that we’re on,” Iger said on Disney’s earnings call on Monday.
Iger also made it clear that his successor must be bold and make their own mark on Disney.
“When I came back three years ago, I had a tremendous amount that needed fixing,” Iger said. “But anyone who runs a company also knows that it can’t just be about fixing. It has to be about preparing a company for its future and really putting in place, taking steps to create opportunities for growth.”
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