Disney CEO Transition: Josh D’Amaro and Dana Walden Begin a New Era After Bob Iger

The Walt Disney Company woke up to new leadership this morning. Josh D’Amaro, the 28-year company veteran who turned Disney’s theme parks into its most profitable division, officially took over as chief executive officer. Beside him, Dana Walden stepped into a role that has never existed at Disney before: president and chief creative officer.

The transition, nine months ahead of the originally planned December deadline, closes the book on Bob Iger’s second stint atop the entertainment giant. Iger will remain as a senior advisor and board member through the end of 2026.

The CEO From the Parks

D’Amaro’s path to the top ran straight through Disney Experiences — the division that generated $36 billion in revenue in fiscal year 2025 and employs roughly 185,000 people worldwide. Under his watch, the segment became the company’s profit engine, accounting for more than 70% of Disney’s total operating income.

He now inherits a company with a market capitalization hovering around $179 billion and a stock price sitting near $98.66. His biggest legacy, though, may already be under construction: a $60 billion multi-year investment plan to expand Disney’s parks globally. Upcoming projects include a Monsters, Inc.-themed land at Hollywood Studios, a new Avatar destination at Disneyland, and massive new areas inspired by Cars and Disney Villains at the Magic Kingdom.

Board Chairman James Gorman has praised D’Amaro’s operational track record and framed the transition as a natural next step for the company.

Walden Reshapes Entertainment

Dana Walden’s new title is a first on two fronts. She is Disney’s first president and its first chief creative officer at the enterprise level. She is also the first woman to serve as president in the company’s 103-year history.

Her initial move: a top-to-bottom restructuring of Disney Entertainment that consolidates streaming, film, television, and games under a single leadership team. The key appointments include Debra OConnell as chairman of Disney Entertainment Television (a newly created role overseeing ABC, Disney Channel, Hulu originals, and National Geographic), Alan Bergman continuing as chairman of Disney Entertainment Studios, and Joe Earley and Adam Smith as co-presidents of Direct to Consumer, sharing responsibility for Disney+ and Hulu.

Sean Shoptaw, who leads games and digital entertainment, now reports directly to Walden — a signal that Disney sees interactive media as a core part of its content strategy, not a side project. John Landgraf continues to lead FX, also reporting to Walden.

Streaming Turns Profitable — Then Goes Quiet

Disney’s direct-to-consumer business has become a genuine bright spot. In the most recent quarter, streaming revenue hit $5.35 billion, up 11% year over year. Operating income surged 72% to $450 million, and the company reiterated its target of a 10% operating margin for the full fiscal year.

There is a catch, though. Disney has stopped reporting subscriber numbers for Disney+, Hulu, and ESPN+, following Netflix’s lead. The company said in August that subscriber counts have become less meaningful for evaluating business performance. The last publicly disclosed figures put Disney+ at roughly 124.6 million subscribers and Hulu at about 53.6 million.

For investors, the signal is clear: profitability matters more than subscriber counts now.

To Watch

Federal Reserve / Economic Calendar: The Fed concludes its two-day meeting today (March 18). Markets widely expect rates to hold steady, but the updated dot plot and Jerome Powell’s press conference could shift sentiment across sectors.

Earnings: Disney does not report again until May, but entertainment peers including Lionsgate and AMC report in the coming weeks — offering a read on broader media spending trends.

Broader Market: Watch for D’Amaro’s first public comments as CEO and any signals about how capital will be allocated between parks expansion, streaming investment, and shareholder returns.