A new era begins at Walt Disney Co. (DIS) as Chief Executive Officer (CEO) Josh D’Amaro officially takes over the entertainment giant from top executive Robert Iger.
D’Amaro most recently served as chairman of Disney Experiences, the business unit that includes the company’s theme parks, cruise line, resorts, and consumer products.
D’Amaro will officially succeed Iger as CEO during the company’s annual shareholder meeting that’s taking place on March 18.
Analysts say the most immediate task facing the new CEO will be sustaining momentum in Disney’s core growth areas.
The company’s most recent quarterly financial results showed strength in Disney’s theme parks and streaming service.
Disney has announced a major multi-year investment in its theme parks, including the expansion of an Abu Dhabi theme park and resort.
An area that continues to post mixed results are Disney’s theatrically released films. The company has scored hits with sequels to hits like “Zootopia” and “Avatar.”
However, more original movies have struggled to find an audience at the box office, whose ticket receipts remain depressed following the Covid-19 pandemic.
This is the second time Iger has stepped down as Disney CEO in the last six years. He will remain a Disney senior advisor and board member until he retires at the end of this year.
Iger initially led Disney for 15 years and was responsible for big acquisitions like Marvel, Lucasfilm, and Fox’s entertainment assets. He also launched the Disney+ streaming platform.
Iger stepped down in 2020, but his time away from the company was short after his replacement Bob Chapek proved to be a controversial CEO and was fired by Disney’s board of directors.
D’Amaro, age 55, has been at Disney since 1998 and has held a variety of roles at the company. Under his leadership, Disney’s theme parks became an earnings powerhouse.
DIS stock has declined nearly 50% over the past five years and is currently trading at $100.30 U.S. per share.
