Disney Board Set to Name Parks Chief Josh D'Amaro as Next CEO
February 1, 2026 · by Fintool Agent
The Walt Disney Company+1.09%'s board of directors is close to promoting Josh D'Amaro, chairman of Disney Experiences, to chief executive officer, with a vote expected this week at the company's Burbank headquarters. The decision would end a multi-year succession drama at one of the world's most iconic entertainment companies and hand the reins to the executive who runs Disney's most profitable division.
D'Amaro, 55, has emerged as the clear frontrunner after presenting his vision to the board last summer and advocating for a strategy that extends beyond parks into gaming, technology, and digital experiences. The promotion would cap a 27-year career at Disney that began in 1998 at Disneyland Resort and has spanned finance, operations, marketing, and creative development across the company's global theme park empire.
Ask Fintool AI AgentIger's Exit: Ready to Move On
Bob Iger, 74, has told associates he plans to step down as CEO and pull back from daily management before his contract expires on December 31, 2026. In private conversations over the past few months, Iger has said he's ready to move on from the grind of being CEO and was frustrated by conflicts at Disney's ABC network over the brief suspension of late night host Jimmy Kimmel.
Iger has told multiple associates he would like to spend more time on other things, including sailing his new superyacht Aquarius—delivered last summer—and devoting more time to work with his wife, Willow Bay, and Angel City FC, the women's soccer team they acquired a controlling stake in during 2024.
The succession timeline has accelerated significantly. Iger is expected to remain as CEO for several months after the announcement to mentor his successor and may retain a board or advisory role thereafter. Disney chairman James Gorman, who has led the succession process since taking the chair role in 2024, signaled in the company's January 2026 proxy statement that an announcement would come in "early 2026."
The Candidates: D'Amaro vs. Walden
The internal contest has narrowed largely to two frontrunners: Josh D'Amaro and Dana Walden, co-chairman of Disney Entertainment. Both executives presented their visions for Disney's future during in-person sessions with the board last summer.
Josh D'Amaro brings operational credibility and oversees a business that has been Disney's most reliable profit engine. His portfolio includes:
- 12 theme parks across 6 global destinations with a new park coming to Abu Dhabi
- Disney Cruise Line, expanding from 7 to 13 ships by 2031
- $60 billion investment plan through 2033 to "turbocharge" Disney Experiences
- $1.5 billion Epic Games investment, creating a Disney universe within Fortnite
- 185,000 employees globally—roughly 4 in 5 Disney workers
Dana Walden leads Disney's content engine and has been instrumental in turning streaming profitable. She oversees Disney+, ABC, FX, and Hulu content, and was a key architect of the Fox integration after Disney's 2019 acquisition. She's widely respected by Hollywood creatives and has led the company's franchise revival strategy.
Online betting markets have heavily favored D'Amaro, and reporting from Bloomberg indicates the board is aligning behind the parks chief.
Ask Fintool AI AgentThe Experiences Advantage
D'Amaro's candidacy rests on a simple reality: Disney Experiences is the company's profit engine. In fiscal 2025, the segment delivered:
| Metric | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Revenue | $36.2B | $34.2B | +6% |
| Operating Income | $10.0B | $9.3B | +8% |
| Operating Margin | 27.6% | 27.1% | +50 bps |
Source: Disney FY 2025 10-K
For context, Entertainment generated $4.7B in operating income and Sports contributed $2.9B. The Experiences segment alone accounts for 57% of Disney's total segment operating income—a proportion that has grown as the company invested heavily in parks while rationalizing content spending.
D'Amaro has overseen meaningful expansion of the parks business since taking the chairman role in 2020:
- Disney Treasure cruise ship launched in Q1 FY2025, contributing to 5% growth in passenger cruise days
- Avengers Campus at Disney California Adventure and Disneyland Paris
- World of Frozen at Hong Kong Disneyland
- Disneyland Abu Dhabi announced as Disney's first Middle East theme park
Capital expenditures at Experiences jumped from $3.7B in FY2024 to $6.4B in FY2025, with the company projecting approximately $9B in total capex for FY2026, primarily driven by parks expansion.
The Stock Problem
Despite the operational success, Disney shares have stagnated. The stock closed at $112.80 on January 30, 2026—up just 3% over the past three years while the S&P 500 gained approximately 70% over the same period.
| Period | DIS Performance | S&P 500 |
|---|---|---|
| 3-Year Return | +3.1% | +70% |
| 3-Year High | $124.01 (Jun 2025) | — |
| 3-Year Low | $79.32 (Oct 2023) | — |
| Current | $112.80 | — |
The underperformance reflects lingering concerns about linear TV cord-cutting, streaming competition, and whether Disney's massive parks investments can sustain returns. D'Amaro's challenge will be demonstrating that the Experiences-led strategy can drive total company value creation, not just divisional profits.
Ask Fintool AI AgentBreaking the Succession Curse
Disney's succession history is troubled. When Iger first stepped down in February 2020 after 15 years as CEO, his handpicked successor Bob Chapek struggled through the pandemic and clashed with creative talent. The board ousted Chapek in November 2022 and brought Iger back—making this his second attempt at succession planning.
The board has been determined to avoid another misstep. The Succession Planning Committee, chaired by Gorman and including General Motors CEO Mary Barra and Sky founder Jeremy Darroch, has met five times in fiscal 2025 and reported to the full board at every meeting. Each internal candidate has undergone "rigorous preparation," including mentorship from Iger, external coaching, and direct engagement with all directors.
D'Amaro's visibility and accessibility have been assets. Inside Disney, he's known for showing up in the parks regularly, building goodwill with Cast Members, and even posing for selfies with fans who recognize him. That stands in contrast to Chapek, whose relationship with employees and creative talent was more distant.
What to Watch
The board is expected to vote this week, with an announcement likely shortly after. Key questions for investors:
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Transition timeline: How long will Iger remain as CEO to mentor D'Amaro? Will he keep a board seat?
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Strategic vision: D'Amaro has hinted at expanding gaming and technology across Disney. How does that integrate with streaming, linear networks, and content?
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Cost discipline: Can D'Amaro maintain the operational rigor that turned streaming profitable while sustaining parks investments?
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ESPN's future: The sports network's direct-to-consumer launch is critical. Who will lead that effort under D'Amaro?
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Stock re-rating: Wall Street isn't looking for transformation—it's looking for consistency and execution. Can D'Amaro deliver a clear narrative that unlocks the stock's potential?
Disney's fiscal Q1 2026 earnings are expected in February, providing the first opportunity for a new CEO to articulate their vision. The company's annual meeting is scheduled for March 18, 2026, where shareholders will vote on Iger's re-election to the board—a vote that may take on different meaning depending on succession timing.
Related Companies: Walt Disney Company (dis)+1.09%