Disney taps parks chief Josh D’Amaro to succeed Bob Iger as CEO

Iger has been personally mentoring potential replacements, according to the company, an attempt by the board to ensure succession goes smoothly after botched efforts in the past

Walt Disney Co. said Josh D’Amaro will succeed Bob Iger as chief executive officer of the entertainment giant, ending a three-year search to replace its long-serving leader.

D’Amaro, a 28-year-veteran of Disney, will succeed Iger effective March 18, the Burbank, California-based company said Tuesday in a statement.

The head of Disney’s Experiences division, by far the company’s biggest source of profit, D’Amaro, 54, was chosen from among several internal candidates who were in line to succeed Iger. They included Dana Walden, co-chair of entertainment and head of TV; Alan Bergman, also co-chair of entertainment and head of film; and Jimmy Pitaro, ESPN’s chairman.

Walden was named to a new role as president and chief creative officer of Disney. She’ll report directly to D’Amaro, who was also appointed to the board.

Iger has been personally mentoring potential replacements, according to the company, an attempt by the board to ensure succession goes smoothly after botched efforts in the past. He will stay on the board and serve as a senior adviser until his retirement from the company on Dec. 31, the company said.

Read More: Disney Parks Chief Looks Very Much Like CEO in Waiting

“Josh D’Amaro possesses that rare combination of inspiring leadership and innovation, 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,” said Disney Chairman James Gorman.

Bloomberg previously reported that the board was close to naming D’Amaro as CEO.