Disney picks its parks chief to succeed Bob Iger as CEO

Disney $DIS 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.

A day after reporting earnings, the company named Josh D’Amaro, the longtime head of its parks and experiences division, as its next chief executive, setting up a transition from Bob Iger that the board is determined to make look orderly, deliberate, and final. At the same time, the company elevated Disney Entertainment co-chair Dana Walden to president and chief creative officer, formalizing a division of labor that says as much about Disney’s recent scars as its future ambitions.

D’Amaro has overseen theme parks, cruise ships, consumer products, and the sprawling logistics operation that turns nostalgia into ticket sales, hotel nights, and per-cap spending. While Disney’s film and television businesses have lurched between reinvention and retrenchment, parks have remained the company’s most dependable profit engine, throwing off billions in operating income even as attendance ebbed and flowed across regions.

After the whiplash of Iger’s return and the collapse of his earlier handoff, Disney’s board appears intent on choosing predictability over vision-casting. The board clearly wants the market to see process, not panic — so it’s been emphasizing a deliberate, multiyear search led by James Gorman, the longtime Morgan Stanley $MS executive brought in to oversee succession planning.

D’Amaro is an internal operator who knows how to manage large workforces, long construction timelines, regulatory friction, and the kind of capital intensity that doesn’t tolerate improvisation.

This move also tacitly acknowledges that Disney’s next phase will be physically expensive. The company has committed tens of billions of dollars to expanding its parks and cruise footprint, investments that require years of execution before they pay off. Disney is leaning into a very physical growth plan — expansions, cruise ships, and new destination bets — including a new theme park in Abu Dhabi that’s a major push into the Middle East and a multiyear $60 billion investment that Disney has been talking about for experiences.

That kind of strategy rewards discipline, not bravado.

Pairing D’Amaro with Walden is an attempt to neutralize the obvious critique: that running parks isn’t the same as running Hollywood. D’Amaro is little known in Hollywood, which matters when AI is reshaping production and the talent economy is always one bad-faith company negotiation away from a work stoppage. By elevating creative leadership rather than folding it into the CEO role, Disney is signaling that storytelling remains central — just not central enough to run the entire enterprise alone.

In the end, the succession reads less like a reinvention than a recalibration. Disney is still selling magic. It’s just putting the person most practiced at managing the machinery in charge of the kingdom.