Walt Disney Co has announced that Josh D’Amaro will take over from Bob Iger as chief executive officer, marking a significant leadership transition for the entertainment conglomerate. The change comes at a pivotal time for the company as it navigates the shift from traditional television to streaming services, with Iger stepping down after efforts to revitalise Disney’s streaming division. Disney is a global entertainment company that creates and distributes content through its various studios, theme parks, and streaming services. It aims to deliver unparalleled entertainment experiences to audiences worldwide.
D’Amaro, a Disney veteran of 28 years, will assume the role of CEO effective from March 18, according to the company’s statement. Iger will remain on the board and serve as a senior adviser until his retirement, scheduled for December 31. During his second tenure as CEO, Iger successfully turned around the streaming unit, encompassing Disney+ and Hulu, achieving a $US1.3 billion profit last year, a stark contrast to the $US4 billion loss recorded in 2022.
Despite the streaming unit’s turnaround, Disney’s share price has underperformed the S&P 500 over the past three years. This lag reflects slowing growth in streaming subscriptions and a broader market downturn affecting media companies grappling with declining traditional television businesses. As of 2pm in New York, Disney’s shares were trading 0.6 per cent lower at $US103.85.
