Josh D’Amaro, chairman of Disney’s parks, experiences, and products division, has been named the next chief executive of The Walt Disney Company, succeeding Bob Iger effective March 18, 2026, following the company’s annual meeting. Dana Walden, who currently leads Disney’s television and streaming business, will become president and chief creative officer in a newly created role reporting to D’Amaro.

Disney announced the succession plan Tuesday morning, ending years of speculation over who would replace Iger, now 74. Iger previously handed off the role to Bob Chapek in 2020 before returning in 2022 after Chapek’s brief and contentious tenure. At 54, D’Amaro becomes the second parks chief to rise to CEO, reflecting the growing importance of theme parks, cruises, and in-person experiences to Disney’s overall business.

Iger praised D’Amaro’s leadership in a statement, calling him “an exceptional leader and the right person to become our next CEO.” Iger said D’Amaro has “an instinctive appreciation of the Disney brand” and “a deep understanding of what resonates with our audiences,” combined with operational discipline and attention to detail needed to deliver major projects.

Disney is investing tens of billions of dollars to expand its parks and build additional cruise ships, capitalizing on strong demand for immersive experiences. D’Amaro, who frequently engages with fans and cast members on social media, recently joined Iger on a tour of Disney’s planned Abu Dhabi resort, which would be the company’s first new theme park in 15 years. Iger emphasized the strength of the parks business during Monday’s earnings call, saying he is “very, very bullish” on its future growth.

Disney Chairman James Gorman told CNBC on Tuesday that Iger believed it was the right time to step aside after developing strong internal talent. Iger will remain a senior adviser and board member until his contract expires on December 31. Walden’s new role, described by the company as a historic first, will focus on creative consistency across Disney’s platforms while driving broader enterprise initiatives.