Disney bets on Josh D'Amaro: from parks to leading the giant after Iger

Gorman, in the official note, puts a political and symbolic seal on the choice, with a eulogy that sounds like a sketch of the ideal leader in a time of transition: 'Josh D'Amaro possesses that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities, and a deep passion for the Disney brand and its people. All of this makes him the right person to take the helm as Disney's next CEO."

The game, however, does not end with a winner and losers. On the contrary: Disney redesigns the power architecture. Dana Walden, 61, gets a new heavyweight position: president and chief creative officer, with supervision over films and series (particularly on the streaming front), and will report directly to D'Amaro. In other words: a ceo strong on operations and a creative top management with broad autonomy. A counterbalance that responds to the most recurrent criticism of 'park' profiles: the limited experience in managing creative talent, even though entertainment is the place where stories and characters are born, which then become attractions and merchandising.

D'Amaro's CV is linked to Disneyland in California and Walt Disney World in Florida (which he led), but he has also overseen projects such as the Star Wars themed areas and the renovation of Epcot's attractions. But above all, he is the man associated with the major expansion with the $60 billion plan over ten years for parks and cruises (until 2033), with the aim of almost doubling the fleet to 13 ships from 7, as well as the prospect of the first park in the Middle East through an agreement with Miral Group.

Iger's balance sheet, back on the bridge to get things in order, has one key statistic: streaming has moved to a $1.3 billion profit in the past year, after a $4 billion loss in 2022. But the market is asking for more: Disney's shares have underperformed the S&P 500 over the past three years, while subscriber growth slows and the entire media sector suffers from the contraction of traditional TV. Iger himself, speaking to analysts, acknowledged that there was 'a lot to adjust' when he returned.

Then there is a strategic clue as to where D'Amaro could put the accelerator: the integration of video games into the creative process and business. After all, on record there is a $1.5 billion investment in Epic Games in 2024 and the management of the relationship with the producer of 'Fortnite'. In an industry where IP and community are currency, the 'Disney + gaming' axis can become a second leg.

The most challenging obstacle remains: generating new stories that become franchises. It is a delicate balance: squeezing out what works without consuming it and at the same time finding the next narrative universe.