Disney Chairman James Gorman on Josh D'Amaro's CEO Succession and Disney's Future

Succession Process and Josh D'Amaro's Selection

• 🎯 Josh D'Amaro has been named the successor to Bob Iger as CEO of Disney, effective March 18th, following a three-year search.
• 💡 Chairman James Gorman highlights D'Amaro's strengths as a fantastic executive, strategic thinker, and leader with great creative instincts and exceptional taste.
• 🚀 D'Amaro has successfully managed Disney's parks, a division currently receiving a $60 billion capital investment, and has global operational experience, including recent expansion in the UAE.
• 🏆 The selection process involved considering a pool of exceptional internal candidates, including Dana Walden, Alan Bergman, and Jimmy Pitaro, with D'Amaro ultimately beating all comers.

Bob Iger's Role and Transition

• 🤝 Bob Iger, after two successful tenures, is stepping down as CEO but will work with D'Amaro through 2026 as a mentor and advisor.
• 🌟 Iger's first tenure was marked by significant acquisitions, while his second focused on navigating the post-COVID era, the shift to streaming, and preparing internal leadership.
• ✅ Iger initiated the succession process, expressing readiness for D'Amaro to take over, demonstrating a selfless act for the company's benefit.
• 🚫 Iger was not interested in continuing as chairman or co-chair, emphasizing the need for a clean start with new leadership.

Leadership Structure and Future Outlook

• 🎨 Dana Walden has been appointed President and Chief Creative Officer, reinforcing the company's focus on creativity and storytelling at its core.
• 🔑 The leadership team is tasked with leveraging Disney's intellectual property (IP) and telling stories across all platforms, including parks, TV, ESPN, and studios.
• 📈 Gorman expressed excitement about Disney's future, noting its strong assets and competitive advantages, and believes the company is well-positioned for the next decade.
• 💰 He also commented that the company's current trading at 15 times earnings is surprisingly low given its quality and assets.

Chairman Gorman's Future Role

• 💼 James Gorman will remain with Disney to help facilitate the transition, support Josh D'Amaro, and assist the board.
• 🚫 He is not interested in returning to the pure world of finance but is committed to helping The Walt Disney Company deliver on its potential.
• 🌟 Gorman emphasized that talent retention is crucial, and he believes all key executives will remain with the company.