The Walt Disney Company announced that Bob Iger will retire as CEO on March 18, 2026, more than nine months before his contract expires. He will then serve as a strategic advisor and board member through year-end. His successor, Josh D’Amaro, 54, has been chairman of Disney’s Parks, Experiences and Products division since 2020 and has spent 28 years at the company. Dana Walden, previously co-chair of Disney Television Studios and ABC Entertainment, will assume the newly created role of president and chief creative officer, overseeing content development across film, television and streaming.

In its latest quarterly report, Disney delivered solid first-quarter results with adjusted operating income up 8% year-over-year, driven largely by a rebound in theme park attendance and two blockbuster theatrical releases. However, the company’s soft second-quarter guidance—forecasting low single-digit percentage revenue growth and flat segment operating profit—spooked investors, sending shares down roughly 7% on the day of the announcement. Over the past three years, Disney shares have remained essentially flat, significantly underperforming the 70% gain logged by the broader U.S. equity market during the same period.

As incoming CEO, D’Amaro inherits several strategic priorities: restoring growth in the legacy media segment, which has seen advertising revenue decline by 5% annually; accelerating profitability at Disney+ following its turnaround from a $1.5 billion loss in 2022 to break-even last year; and leveraging theme parks—which accounted for more than 70% of segment operating profit in the previous quarter—to fund content investments. He must also navigate rising labor and construction costs—park capital expenditures rose 15% year-over-year—and evolving consumer preferences in streaming.

Billionaire investor Nelson Peltz, who waged a proxy battle against Disney in 2024 after accumulating a roughly $500 million stake, criticized the succession, alleging that the board’s choice of a parks insider ensures Iger can remain influential. Peltz argued that D’Amaro’s limited entertainment and studio experience could justify extended advisory duties for Iger, as was the case during the brief tenure of former CEO Bob Chapek. Disney’s board, led by chairman James Gorman, defended the unanimous decision, citing D’Amaro’s “strong vision” and track record of delivering double-digit operating margins in the Experiences unit.