Disney Board Chair James Gorman provided insight into the selection of Josh D'Amaro as CEO following what he described as a "long, thorough, exhaustive process."
Gorman appeared on CNBC this morning to discuss the leadership changes and explain why Bob Iger is stepping aside earlier than expected.
"Josh is unbelievable," Gorman said. "This has been a long, thorough, exhaustive process. We looked at all comers. We wanted whoever got this job to be the best person to run what is probably one of the most exciting jobs in the world."
D'Amaro's Creative Credentials
Gorman addressed questions about D'Amaro's expertise with intellectual property, noting his operational background leading Disney Experiences.
"If you have been through the parks or been on one of the cruise ships, you would appreciate just how much the IP is infused in all aspects of what Disney does," Gorman said. "Josh is actually deep in the IP."
He pointed to D'Amaro's work with producers on adding new attractions and rides to parks worldwide and his role in developing Disney's Abu Dhabi project.
"Josh definitely has his street cred in that regard," Gorman added.
Bob Iger highlighted D'Amaro's abilities during board meetings. "Bob put it very well when he said it's taste," Gorman explained. "From the Imagineering effort, all of the products that we offer to customers who come in, it's unbelievable."
Gorman described D'Amaro as strategic, financial, creative, and operational. "He's run massive operations across the whole parks and cruises businesses. He's also got great creative touch."
Why Disney Created Chief Creative Officer Role
Gorman explained the reasoning behind creating the President and Chief Creative Officer position for Dana Walden.
"Dana also unbelievable executive," Gorman said. "We're so blessed at this company. We had four incredible top executives with Jimmy Pitaro and Alan Bergman, Dana and Josh."
He emphasized creativity as central to Disney's identity. "If you think about what is the heart of the Disney company, it's creativity. It's this amazing IP that's been produced over decades, going back to Walt and the storytelling that comes from that creativity."
Gorman said Walden working with D'Amaro will ensure "the best creativity permeates all of our businesses."
Walden brings experience from television, Hollywood, and overseeing streaming businesses with Alan Bergman. "She's a wonderful person," Gorman added.
Earlier CEO Transition Timeline
Gorman addressed why D'Amaro will become CEO on March 18 rather than at the end of 2026 when Bob Iger's contract expires.
"Bob came to the point where he had developed the talent, and he said, 'This is for me to step aside now,'" Gorman explained. "Yes, he could technically be CEO through the end of his contract. That wasn't the aspiration."
The board gave Iger two mandates when he returned as CEO. First, prepare the company for strategic challenges, particularly in streaming. Second, develop talent for future leadership.
"Bob came to the point where he had developed the talent," Gorman said. "He said, 'I want to step aside, and I want to work with this individual and with this team and ensure we get off for this next decade on the strongest possible foot.'"
Gorman called the decision "incredibly selfless" and said earlier in the year was better timing.
"He said, 'They're ready. Why not?' And I thought it was the right thing for Disney, and honestly, it's going to be the right thing for Josh, Dana, Alan, Jimmy and the rest of the team."
Iger's Legacy
Gorman praised Iger's career accomplishments and impact on Disney.
"Bob has had an extraordinary career. He has done things that nobody in this industry has done," Gorman said. "He did deals with Steve Jobs, with George Lucas, with Rupert Murdoch, created a seven-studio company, expanded us internationally through China, now through the UAE. He did a legendary job."
When Disney faced challenges and called Iger back, the board gave him specific objectives beyond simply running the company.
"The aspiration was to get the company ready and get the talent ready, not worry about what a contract says," Gorman explained.
Board's Selection Process
Gorman described the CEO search as exhaustive and thorough. The board evaluated internal and external candidates over multiple years.
D'Amaro emerged from the process as the candidate with the right combination of operational expertise, creative sensibility, strategic thinking, and financial acumen.
The board formed a Succession Planning Committee in January 2023 led by Gorman. Committee members included Mary T. Barra, Jeremy Darroch, and Calvin R. McDonald.
D'Amaro and Walden underwent preparation including extensive mentorship from Iger, external coaching, and direct engagement with board directors.
Leadership Team Continuity
Gorman noted the strength of Disney's senior leadership team beyond D'Amaro and Walden.
Disney Entertainment Co-Chairman Alan Bergman and ESPN Chairman James Pitaro will continue in their roles. "We had four incredible top executives," Gorman said, referring to Pitaro, Bergman, Walden, and D'Amaro.
The continuity in senior leadership provides stability as D'Amaro takes over as CEO.
D'Amaro will officially become CEO at Disney's Annual Meeting on March 18, 2026. Iger will continue as Senior Advisor and Board member until his retirement on December 31, 2026.
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