It's Official: Josh D'Amaro Named Disney CEO, Dana Walden Gets Historic Creative Role
February 3, 2026 · by Fintool Agent
The Walt Disney Company-0.19%'s succession drama is over. The board announced Tuesday that Josh D'Amaro, the 54-year-old chairman of Disney Experiences, will become Chief Executive Officer effective March 18, 2026, succeeding Bob Iger in what represents the biggest leadership transition in entertainment since Iger himself took over from Michael Eisner in 2005.
In a parallel move designed to retain the other top internal candidate, Dana Walden has been appointed President and Chief Creative Officer—a historic first for the enterprise that creates a powerful new role overseeing creative expression across Disney's entire portfolio.
Market Reaction: Stock Slides Despite Earnings Beat
Disney shares fell 7.4% to $104.45 on the day of the board vote, despite the company reporting fiscal Q1 results that topped Wall Street expectations. The stock has now declined 6.2% year-to-date and sits well below its June 2025 peak of $124.69.
The muted reaction reflects investor uncertainty about whether D'Amaro—whose expertise lies in theme parks rather than streaming and content—can navigate Disney's ongoing transformation from linear television to direct-to-consumer distribution. Since Iger's return in November 2022, Disney stock has gained just 7%, dramatically underperforming the broader market.
Ask Fintool AI AgentThe Parks Chief Takes Command
D'Amaro's appointment marks the culmination of a multi-year succession process overseen by board chairman James Gorman, the former Morgan Stanley CEO. The board formed a special Succession Planning Committee in January 2023, meeting regularly to evaluate internal and external candidates before unanimously electing D'Amaro on February 2, 2026.
"Josh D'Amaro possesses that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities, and a deep passion for the Disney brand and its people," said Gorman.
D'Amaro joined Disney in 1998 at Disneyland Resort and rose through roles spanning finance, marketing, operations, and creative development across the company's global theme park empire. He became Chairman of Disney Experiences in 2020, taking the helm during the COVID-19 pandemic and guiding the division through reopening and subsequent expansion.
D'Amaro's Track Record at Experiences
Under D'Amaro's leadership, Disney Experiences has emerged as the company's profit engine:
| Metric | FY 2024 | FY 2025 | Change |
|---|---|---|---|
| Revenue | $34.2B | $36.2B | +6% |
| Operating Income | $9.3B | $10.0B | +8% |
| Domestic Parks Revenue | $23.6B | $25.2B | +7% |
The segment crossed $10 billion in quarterly revenue for the first time in Q1 2026, generating $3.3 billion in operating income. D'Amaro has overseen the largest global expansion in Disney Experiences history, including Star Wars: Galaxy's Edge, Avengers Campus, and the upcoming expansion of Magic Kingdom with Monsters Inc. and Disney Villains lands.
Ask Fintool AI AgentDana Walden: The Creative Counterweight
The creation of the President and Chief Creative Officer role for Dana Walden signals the board's recognition that D'Amaro will need a strong creative partner. Walden, 61, will report directly to D'Amaro and be responsible for ensuring storytelling across every audience touchpoint reflects the Disney brand, engages audiences at scale, and advances core business objectives.
Walden has served as Co-Chairman of Disney Entertainment since 2023, overseeing Disney's streaming businesses including Disney+ and Hulu, as well as ABC, the Disney-branded channels, and content studios. Her entertainment career spans more than 30 years, including leadership roles at Fox Television Group before Disney's 2019 acquisition.
Walden's Employment Agreement
Walden's four-year employment agreement (through March 2030) includes:
| Component | Value |
|---|---|
| Base Salary | $3,750,000 |
| Target Bonus | 200% of base ($7.5M) |
| Annual LTI Target | $15,750,000 |
| Promotion Award | $5,260,000 |
| Total Annual Target | ~$27M |
"Dana Walden is an excellent leader who commands tremendous respect from the creative community," Iger said. "Given that creativity is at the heart of everything Disney does, she is a wonderful choice to serve in this new leadership role."
D'Amaro's Compensation Package
D'Amaro's CEO compensation reflects the magnitude of the role at one of the world's largest entertainment companies:
The CEO Offer Letter provides that D'Amaro will be appointed to Disney's board following the 2026 annual meeting and nominated for re-election during his tenure. He is also eligible for the newly approved Disney Executive Severance Pay Plan, which provides for 2.5x base salary plus prorated bonus and continued health benefits for 18 months in the event of termination without cause.
Ask Fintool AI AgentThe End of the Iger Era
Bob Iger's departure marks the conclusion of a remarkable tenure that—across two stints—reshaped Disney from an animation and theme park company into a global entertainment conglomerate. His acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox transformed Disney's IP portfolio and content capabilities.
Upon D'Amaro's assumption of the CEO role, Iger will transition to Senior Advisor, reporting exclusively to the board through December 31, 2026. He will continue serving as a board member through that date, stepping down from the Executive Committee after the 2026 annual meeting.
Iger returned as CEO in November 2022 after the board ousted his handpicked successor, Bob Chapek. The second act proved challenging: despite executing a significant turnaround that improved profitability dramatically, Disney stock underperformed peers and Iger faced battles over ESPN's future, ABC controversies, and the streaming transition.
Iger's Turnaround By the Numbers
| Metric | FY 2021 | FY 2025 | Improvement |
|---|---|---|---|
| Revenue | $67.4B | $94.4B | +40% |
| Operating Income | $3.5B | $14.1B | +4x |
| EBITDA Margin | 12.8% | 20.6% | +780 bps |
| Diluted EPS | $1.11 | $6.85 | +517% |
New Leadership Structure
The board emphasized continuity, noting that D'Amaro will be supported by a seasoned leadership team:
- Alan Bergman continues as Entertainment Co-Chairman
- James Pitaro continues as ESPN Chairman
- Hugh Johnston remains CFO
"The company's senior leadership team brings decades of experience with a proven ability to navigate periods of change while delivering strong business outcomes," the company stated.
The Chapek Shadow
D'Amaro's elevation comes six years after Disney's disastrous handoff to then-parks chief Bob Chapek, who was D'Amaro's boss for many years. Chapek lasted less than three years before being ousted amid COVID disruptions, battles with Florida Governor Ron DeSantis, and internal friction.
The board appears determined to avoid a repeat. The multi-year succession process included extensive mentorship from Iger, external coaching, and direct engagement with all directors.
"I'm certain that my successor will not preserve the status quo," Iger said on Monday's earnings call. "They'll be handed a good hand in terms of the strength of the company, a number of opportunities to grow, and also the expectation that in a world that changes, you also have to continue to change and evolve."
What to Watch
Near-term catalysts:
- March 18, 2026: D'Amaro officially assumes CEO role; Iger becomes Senior Advisor
- 2026 Annual Meeting: D'Amaro expected to join board; Iger steps down from Executive Committee
- December 31, 2026: Iger's final departure from Disney
Key questions for the D'Amaro era:
- Streaming strategy: Can a parks executive accelerate Disney's DTC transformation and compete with Netflix?
- ESPN's future: Will Disney pursue a sale, spin-off, or digital transformation of ESPN?
- Creative leadership: How will D'Amaro balance operational discipline with creative risk-taking?
- Capital allocation: Does the $60B parks investment plan continue, or will priorities shift?
Ask Fintool AI AgentRelated: Disney (dis)-0.19%