Disney names parks boss Josh D'Amaro as its next CEO to succeed Bob Iger, effective March 18

Core Viewpoint - Disney has appointed Josh D'Amaro as its new CEO, succeeding Bob Iger, marking a significant moment in the company's leadership transition [1][2]. Group 1: Leadership Transition - The announcement of D'Amaro as CEO concludes a closely watched succession race, being the second successor chosen by Iger in six years [2]. - Iger expressed confidence in D'Amaro's leadership abilities, highlighting his understanding of the Disney brand and operational excellence [3]. - The Disney board, led by James Gorman, has been evaluating candidates for the CEO position, with D'Amaro and Dana Walden being the final contenders [4]. Group 2: Business Performance - Disney's recent quarterly earnings exceeded expectations, driven by strong performance in theme parks and streaming, although the stock price fell by 7% [5]. - The experiences unit, which includes theme parks, reported over $10 billion in quarterly revenue for the first time, indicating significant growth potential [6]. - CFO Hugh Johnston noted that enhancing park operations, achieving profitability in streaming, and improving theatrical business are crucial for the new CEO [6]. Group 3: Future Plans - Disney is planning to develop a new theme park and resort in Abu Dhabi, alongside a commitment to invest $60 billion in its theme parks over the next decade [7]. - The company aims to address the challenges posed by the decline of traditional TV while focusing on high-profile content and profitability in the streaming sector [7]. - The new CEO will be responsible for guiding Disney into its next phase amidst these evolving industry dynamics [8].