disney have named Disney Experiences Chairman Josh D’Amaro succeeds Bob Iger as the next CEO, winning a closely watched succession battle at the Mouse House.

Investors, industry insiders and onlookers have long awaited an announcement as to who will take over as the next leader of one of America’s most storied companies. The appointment marks the second time in six years that Disney has chosen Iger’s successor – his previous choice of park boss Bob Chapek turned into a corporate governance public spectacle, with Iger reclaiming the CEO position and restarting his retirement.

D’Amaro’s appointment will be effective at Disney’s annual meeting on March 18. Iger will serve as a senior advisor and board member of Disney until his retirement from the company on December 31.

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said in a statement. “He has an instinctive appreciation for the Disney brand and a deep understanding of what resonates with our audiences, coupled with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary, and I’m excited for Josh and the company.”

Over the past few years, Disney’s board of directors— Led by former Morgan Stanley CEO James Gorman — has been vetting candidates for top jobs, primarily among Disney’s top brass. Four of Iger’s direct reports – D’Amaro, ESPN Chairman Jimmy Pitaro and entertainment co-chairmen Dana Walden and Alan Bergman – have all been interviewed by the succession committee as early as 2024. CNBC previously reported .

In recent months, speculation has narrowed to Damaro and Walden.

Meanwhile, Walden was named president and chief creative officer on Tuesday as part of the transition announcement. Effective March 18, Walden will report directly to D’Amaro and focus on Disney’s storytelling and content engines.

D’Amaro takes over the reins at Disney after a period of leadership uncertainty and mixed reactions from Wall Street to the state of Disney’s business. Disney Monday Report quarterly Earnings and revenue beat expectations, driven by theme parks and streaming, but the stock fell 7%. Iger told investors he’s confident in the changes Disney has made over the past three years and its path to future success.

In particular, the Experiences segment, which includes theme parks, resorts and cruise ships, saw quarterly revenue exceed $10 billion for the first time during this period. The development of this sector has made it There is enough room to run.

The company plans to develop a new theme park and resort in Abu Dhabi — a departure from its $60 billion commitment to invest in theme parks over the next decade — and hopes to capitalize on its dominance of the box office by 2025. But the most important thing remains the entertainment business, as Disney fights the encroachment of traditional TV and focuses its efforts on subtitled content and improving the profitability of its streaming business.

Iger’s successor will lead Disney into its next phase.

The legendary CEO has been at the helm of Disney for about 20 years, including two tenures. Iger initially served as Disney CEO for 15 years and previously worked at Disney broadcast network ABC before taking a leadership role at the parent company. First time stepping down 2020.

In a quick statement, Disney announced that Chapek, who most recently served as chairman of Disneyland, Will take over as CEO. Iger’s announcement came earlier than expected, and his choice of successor generally surprised the industry.

During Iger’s first tenure at the helm, he oversaw acquisitions and Build the company into a powerful country. When he left in 2020, he had a long list of accomplishments, including the recently launched streaming service Disney+, which initially quickly amassed subscribers.

However, the job given to Chapek was deep in drama While that’s been a boon for streamers, the pandemic has loomed large, triggering stay-at-home orders that led to the closure of movie theaters and theme parks.

In the early days of the pandemic, Disney’s stock price soared as the number of streaming users increased. But by the end of 2021, under Chapek’s leadership, Disney The stock price starts to fall The company reported lower-than-expected earnings and slower streaming growth compared with Wall Street expectations.

In late 2022, as criticism of Chapek’s stewardship of Disney grew, Iger Reclaim the top job. The news sent shares higher even though Iger’s agenda includes a shakeup of the company he left less than two years ago.

In his second stint as CEO, Iger focused less on acquisitions and more on massive reorganization Implemented $5.5 billion in cost cuts, laid off employees and created the company’s three main divisions: Disney Entertainment; ESPN and Sports; and Parks, Experiences and Products.

“I am extremely proud of what we have accomplished over the past three years to put Disney on a path to continued growth. I am encouraged and energized by the opportunities facing this great company,” Iger told investors on Monday.

Egg returns blocked activist movement, Control your TV and streaming media Business turns around, putting Disney back on top highest box office and Announces massive investment in its theme parkscan be said to be its most determined business.

As with Iger’s previous stated intention to resign, his tentative departure date has been postponed. by mid-2023 Disney extends Iger’s deal And said a successor will be appointed in early 2026.

The CEO said that as part of the renewal, he wanted to “make sure Disney is ready for the next person to take over.”

“The importance of the succession process cannot be overstated,” Iger said in a statement at the time.