Josh D'Amaro takes over as the new CEO of Disney

Josh D'Amaro officially becomes The Walt Disney Company's new CEO on Wednesday.

D'Amaro, who has been with Disney for nearly 30 years, takes over from Bob Iger at the company's annual shareholders meeting this afternoon.

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"There is no limit to what Disney can achieve, and I am excited to work with our teams across the company and brilliant creative partners to honor Disney's remarkable legacy while continuing to innovate, grow and deliver exceptional value for our consumers and shareholders," D'Amaro said in a statement last month when he was named the new CEO.

Prior to getting the top job, D'Amaro was chairman of Disney Experiences—the division that includes the company's theme parks, cruise line and merchandising unit.

The parks division has proven to be one of the most lucrative for the company. In its most recent earnings report, the company said the division generated $36 billion in revenue for the fiscal year, up 6% from the previous year.

"Josh D'Amaro is an exceptional leader and the right person to become our next CEO," Iger said last month. "He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects."

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End of the Iger Era

Iger is stepping down from the CEO role for the second time.

He was named CEO of the company in 2005 and held the position for nearly 20 years. During his tenure, Iger was responsible for Disney becoming a massive media company with the acquisitions of Pixar, Marvel, Lucasfilm and the Fox entertainment assets.

Iger also oversaw the launch of the Disney+ streaming service in late 2019.

Then, in early 2020, he stepped down and handed over the reigns to then-parks chairman Bob Chapek. However, Iger returned as CEO in November 2022 after the quick ouster of Chapek amid high-profile missteps and the companys's poor financial results.

Iger will remain with the company to help with the transition and will serve as a senior advisor and board member through the end of the year. He will officially retire on Dec. 31.

Credit: The Walt Disney Company

What's next for Disney

D'Amaro takes over during a period of uncertainty for the company.

Disney, like most media companies, is dealing with major shifts in the industry, such as declining viewership on legacy media platforms, uneven results at the box office and other economic pressures.

The company is currently investing heavily in its parks business, a strategy announced under Iger. Disney has committed $60 billion towards its parks and cruise line for the next 10 years.

Disney also recently announced a major partnership with OpenAI. The agreement includes Disney investing $1 billion in the company and a licensing deal that would allow more than 200 Disney character to be used on OpenAI's Sora app.