Josh D’Amaro picked to succeed Bob Iger

Disney has named Josh D’Amaro, chairman of Disney Experiences, as its next CEO, succeeding Bob Iger and clinching a closely watched succession race at the Mouse House.

Investors, industry insiders and onlookers have long awaited the announcement of who will take over as the next leader of one of the most storied U.S. companies. The appointment marks the second time in six years that Disney has selected a successor to Iger — his previous pick in parks boss Bob Chapek devolved into a public spectacle of corporate governance that saw Iger reclaim the CEO spot and restart the clock on retirement.

D’Amaro’s appointment will be effective as of March 18 at Disney’s annual meeting. Iger will serve as a senior advisor and Disney board member until he retires from the company on Dec. 31.

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said in a statement. “He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company.”

For the last several years, the Disney board — led by former Morgan Stanley CEO James Gorman — has been vetting candidates for the top job, primarily among Disney’s executive ranks. Iger’s four direct reports — D’Amaro, ESPN Chairman Jimmy Pitaro and Entertainment Co-Chairmen Dana Walden and Alan Bergman — all interviewed with the succession committee as early as 2024, CNBC previously reported.

Speculation narrowed to D’Amaro and Walden in recent months.

“We looked at all comers, we wanted whoever got this job to be the best person,” Gorman told CNBC’s Julia Boorstin Tuesday, adding there were more than 100 people on the list of prospective candidates.

Walden, meanwhile, was named president and chief creative officer on Tuesday as part of the transition announcement. Also effective March 18, Walden is set to report directly to D’Amaro and focus on the storytelling and content engine of Disney in the newly created role.

“If you think about what is the heart of the Disney company, it’s creativity. It’s the amazing [intellectual property] that’s been produced over decades,” Gorman said Tuesday.

D’Amaro steps into the role at Disney after a period of leadership uncertainty and mixed reception from Wall Street on the state of Disney’s business. On Monday Disney reported quarterly earnings and revenue that topped expectations — boosted by its theme parks and streaming — yet the stock lost 7%. Iger told investors he was confident in the changes made at Disney over the last three years and its path to…