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

Selection of Josh D'Amaro as CEO

• 🎯 Josh D'Amaro has been named the successor to Bob Iger as CEO of Disney, effective March 18th.
• 💡 Chairman James Gorman highlighted D'Amaro's strategic thinking, experience managing significant capital investments in Disney's parks, and exceptional creative instincts.
• 🌍 D'Amaro's global leadership experience, including recent expansions, makes him the purp for this time.
• 🏆 The selection followed a comprehensive global search where D'Amaro beat all comers.

Succession Process and Bob Iger's Role

• 🤝 Bob Iger, after a successful 15-year tenure and a return to guide Disney through post-COVID changes and the rise of streaming and AI, voluntarily stepped aside.
• 👨‍🏫 Iger will serve as an employee advisor and board member until the end of 2026, mentoring D'Amaro and ensuring a clean start.
• 🚫 Iger was not interested in remaining as chair or co-chair, emphasizing the need for a fresh leadership direction.

Leadership Team and Future Vision

• 🌟 Dana Walden has been appointed President and Chief Creative Officer, underscoring Disney's commitment to creativity and storytelling at its core.
• 💼 The company aims to leverage its Intellectual Property (IP) across all platforms, including parks, cruises, TV, ESPN, and studios.
• 🚀 Gorman expressed confidence that the leadership team is set for the next decade.

Internal Talent and Candidate Evaluation

• 💎 Disney considered a broad pool of over 100 potential candidates, including external executives, to ensure the best possible leader was chosen.
• 👏 The board is committed to retaining key executives like Jimmy Petaro and Alan Bergman, recognizing the difficulty in finding and developing talent.
• 📊 Gorman emphasized that the selection was based on the individual merits of the candidates, not just their backgrounds.

D'Amaro's Background and Disney's Value

• 🎢 While D'Amaro, like Bob Chapek, has a parks background, Gorman stressed evaluating individuals on their capabilities and potential rather than just their bios.
• 💡 D'Amaro's innovation in the imagineering space and ability to integrate IP into parks and cruises highlight his dual strength in operations and creative storytelling.
• 💰 Gorman believes Disney is trading at a low valuation (15 times earnings) given its quality assets and strong moats, expressing excitement for its future prospects.