Read the memo Disney sent employees telling them Josh D'Amaro will be the next CEO

• Disney parks veteran Josh D'Amaro will soon take the torch from CEO Bob Iger.
• D'Amaro has been at Disney since 1998 and has run its experiences division since 2020.
• Here's the memo Disney board chairman James Gorman sent employees on Tuesday morning.

Disney just made it official: Josh D'Amaro will be its next CEO.

D'Amaro, the experiences chairman who's been at the Mouse House since 1998, will take over for longtime CEO Bob Iger on March 18, Disney announced on Tuesday morning.

"Josh possesses that rare combination of inspiring leadership and innovation with a keen eye for strategic growth opportunities and a deep passion for the Disney brand and its people — all of which make him the right person to take the reins as Disney's next CEO," James Gorman, Disney's board chairman, wrote in a memo to employees, which was viewed by Business Insider.

Gorman added that D'Amaro "demonstrated a strong vision for the company's future and a deep understanding of what makes Disney unique in an ever-changing marketplace."

While D'Amaro's Disney's experience has thus far been limited to its Experiences division — which contains parks, cruises, and products — Gorman wrote that the incoming CEO "has collaborated with some of the biggest names in entertainment" while "advancing the power of immersive, human storytelling with cutting-edge technology."

Parks are a crucial pillar for Disney and generate the majority of its operating income. D'Amaro must manage the company's declining TV networks, which have been ravaged by cord-cutting, while continuing to grow streaming profits, which haven't yet made up the difference.

Dana Walden, the head of Disney Entertainment who was the other leading contender for the top job, is getting promoted to president and chief creative officer, Disney said.

"Dana is one of the most accomplished creative leaders in entertainment and has done an outstanding job," Gorman told employees.

After two stints and nearly two decades as CEO, Iger will cede his role to D'Amaro next month and serve as a senior advisor until the end of the year. Iger's tenure will be remembered as a transformative era in which Disney bought Pixar, Star Wars, and Marvel, and entered into the streaming and AI age.

Read the full memo from Gorman below:

Dear Disney Employees and Cast Members,

On behalf of the Board of Directors, I am pleased to announce that Josh D'Amaro, Chairman of Disney Experiences, will be the next Chief Executive Officer of The Walt Disney Company, effective at the Annual Meeting on March 18. Josh possesses that rare combination of inspiring leadership and innovation with a keen eye for strategic growth opportunities and a deep passion for the Disney brand and its people — all of which make him the right person to take the helm as Disney's next CEO.

This is wonderful news for all of us at Disney and I know you will join me in congratulating Josh on this well-deserved appointment.

Over the past three years, the Disney Board has undertaken an exhaustive and disciplined process to identify and prepare the right leader for Disney's next chapter. Josh demonstrated a strong vision for the company's future and a deep understanding of what makes Disney unique in an ever-changing marketplace. He has collaborated with some of the biggest names in entertainment to bring their stories to life in our parks, showcasing the power of combining Disney storytelling with cutting-edge technology. The Board believes he is exceptionally well prepared to guide this global company forward.

Bob Iger, who has led Disney to unprecedented success during his nearly two decades as CEO, has provided extensive mentorship to Josh throughout the succession process, and will continue to serve as Senior Advisor until his retirement from the company at the end of the year. Bob returned from retirement in 2022 at the Board's request to stabilize the company and make it fit for purpose, and to prepare Disney for this moment with a strong leadership bench, including potential successors. He has achieved all of this and more, and the Board and I are deeply grateful to Bob for his longstanding dedication to Disney.

We also announced today that Dana Walden will assume the role of President and Chief Creative Officer of The Walt Disney Company, also effective at the Annual Meeting. Dana is one of the most accomplished creative leaders in entertainment and has done an outstanding job as Co-Chairman of Disney Entertainment since its formation in 2023. In this new role, she will report to Josh and work with him in ensuring that storytelling and creative expression across every audience touchpoint consistently reflect the brand, engage audiences at scale, and advance core business objectives — while driving enterprise-wide initiatives and translating vision into action.

Over the past century since Walt and Roy founded this company, Disney has had a remarkable and storied history, built on creativity, imagination, and a unique ability to touch people's lives around the world. As we look to the future, we are lucky to have someone like Josh ready to guide this global company forward as CEO. We are also fortunate to have a deeply experienced management team in place, including Disney Entertainment Co-Chairman Alan Bergman, ESPN Chairman Jimmy Pitaro, and the Disney executive officers. Their experience, judgment, and continuity will be an important asset to Josh as he begins this next chapter in Disney's history.

And finally, after two years on the Disney Board, I can attest that this company's greatest strength is its people — the employees and Cast Members whose creativity, talent, and dedication bring the magic of Disney to life every day. On behalf of the Board and myself, I want to thank you for all you do as we prepare for this company's exciting next chapter. We are deeply honored to serve as your Directors.

Warmly,

James Gorman

Chairman of the Board

The Walt Disney Company