It was the end of an era Wednesday at the Burbank-based Walt Disney Co., as long-time CEO Bob Iger stepped down and handed the company keys to Josh D’Amaro.
D’Amaro was elected to succeed Iger by a unanimous vote of the Walt Disney Company Board of Directors in February. His appointment became effective Wednesday, coinciding with the company’s annual meeting.
Iger had retired from the Walt Disney Company in 2021 after 16 years at the helm. He returned as CEO in 2022 after the ouster of Bob Chapek. He will remain a board member and senior company adviser until his retirement, which is scheduled to take place Dec. 31.
In a pre-taped message played for shareholders during Wednesday’s virtual meeting, Iger said “people had lost confidence” in the company in 2022, when he was brought back as CEO.
“Today, everywhere I turn, I sense confidence and excitement about what lies ahead,” Iger, 74, said. “So, as I step away, I do so with enormous gratitude and real optimism. I believe deeply in this company’s future, because I believe in Josh D’Amaro, and the people who will help him shape it next.”
Iger said the company has “experienced extraordinary change” over the years, while dealing with “real challenges.”
“That was particularly profound in the last three years,” he said. “It was daunting at times, but through it all, what sustained me was the passion I saw every day from great storytellers. innovators, leaders, and people around the world who care so deeply about what they do and want to just get it right. That commitment, resilience, passion, and heart will make this company what it is.”
Iger later appeared at the virtual meeting and offered support to his successor, saying, “I believe in Josh D’Amaro.”
D’Amaro, 55, previously led the Disney Experiences segment of the company, which includes Disney’s theme parks, resorts, cruise ships, consumer products, retail and licensing. In a statement in February, the Disney board noted that D’Amaro was “the architect of the largest global expansion in Disney Experiences history,” while leading the segment “to new heights financially, creatively and in guest satisfaction.”
D’Amaro heaped praise on Iger as he took the reins of the company.
“Bob, on behalf of our employees, cast members, shareholders, and fans around the world, thank you so much for your tremendous leadership, your steadfast support, and your countless contributions to The Walt Disney Company,” he said. “You’ve set an incredible example for all of us. And personally, I can’t thank you enough for your mentorship and friendship through the years. You will be missed.”
D’Amaro talked about his upbringing in a “Disney family,” and saying he visited Disneyland with his family for the first time at 10 years old. He said he was “deeply honored and profoundly grateful” for the chance to lead the company.
He also made reference to the pending merger of Paramount Skydance and Warner Bros. Discovery.
“While others in our industry are consolidating just to compete, or struggling to be relevant in a fragmented and disrupted world, Disney is in a category of one,” he said. “… And this next chapter will be driven by staying focused on world-class creativity, enhanced by technology, bringing unforgettable stories to audiences wherever they are.”