Who is Josh D’Amaro, mayor of Main Street USA and Disney’s new CEO?

LOS ANGELES: Josh D’Amaro has been appointed chief executive of the Walt Disney Company, becoming the ninth leader in the firm’s 100-year history as the entertainment giant confronts slowing television revenues, rising production costs and softening box-office returns.

A long-time Disney insider and former head of the parks division, the 54-year-old replaces Bob Iger after a turbulent leadership cycle that followed the short-lived tenure of Bob Chapek. Known for his approachable style and deep loyalty to the company, D’Amaro has built a strong reputation among employees and fans alike.

His promotion reflects the growing importance of Disney’s experiences business, which includes theme parks, resorts, cruise lines, consumer products and games. The division now delivers more than 70 per cent of operating profit, posting $3.3 billion in the December quarter alone. Under D’Amaro, Disney committed roughly $60 billion to expand parks and cruises globally, while laying plans for its first Middle East resort in Abu Dhabi.

He also backed Disney’s $1.5 billion investment in Epic Games, the creator of Fortnite, aimed at blending gaming with entertainment franchises.

Yet challenges loom. Disney’s traditional television business continues to shrink, while blockbuster franchises such as Marvel and Star Wars have lost some of their shine. Competition is intensifying, with Comcast’s NBCUniversal opening the $7 billion Universal Epic Universe near Walt Disney World in Florida. International visitor numbers to US parks have also dipped.

D’Amaro, a Georgetown University graduate who joined Disney in 1998, has held senior roles across marketing, finance and operations, including president of Disneyland Resort and Walt Disney World Resort. During the pandemic, he oversaw park closures and later spearheaded new attractions in Hong Kong and Japan.

His lack of experience in film, television and streaming mirrors one of the weaknesses that dogged Chapek’s leadership. At the same time, Hollywood is grappling with disruption from generative artificial intelligence, while consolidation battles among Netflix, Paramount Skydance and Warner Bros Discovery threaten to reshape the industry.

Despite the headwinds, supporters describe D’Amaro as a passionate steward of Disney’s legacy. “Disney runs through his blood,” said a former Imagineer.

Shares in Disney are down about 40 per cent over five years, underscoring the scale of the task now facing its new chief.