Disney parks boss Josh D'Amaro touts Mouse House bona fides as succession chatter rages
Disney Experiences Chairman Josh D'Amaro brought his mouse ears to Wall Street Wednesday, in what is seen as part of a high-profile tryout to determine which of the Burbank entertainment giant's executives has the mettle and finesse to succeed Chief Executive Bob Iger.
Speaking before investors at the MoffettNathanson Media, Internet & Communications Conference, the 54-year-old theme parks chief touted the power and promise of his division, which includes resorts, cruise lines and video games.
He leaned into the company's rigorous management techniques and its ambitions. One of D'Amaro's strengths is his enthusiasm for the fabled company, seen as a prerequisite for succeeding Iger. He's spent most of his adult life — nearly 27 years — at Disney.
'It feels like it went by in a moment,' D'Amaro said. 'I'm so proud to work for the Walt Disney Co.'
D'Amaro's assignment could have been a tricky one.
This week in New York has long been reserved for television executives, and it was Iger who, with the help of Mickey Mouse, led a parade of stars to woo advertisers during Walt Disney Co.'s annual upfront programming presentation a day earlier.
Early next year, Disney's board is expected to name a new CEO to take the reins in late 2026, when Iger is scheduled to retire. D'Amaro is among the leading contenders. The co-chairs of Disney Entertainment, Dana Walden and Alan Bergman, also are in the running. So is ESPN Chairman Jimmy Pitaro.
Disney's board has said it plans to consider external candidates as well.
But observers believe that D'Amaro's stock has been rising.
Disney declined to comment on succession speculation.
For Disney's board, the stakes couldn't be higher. The last time it orchestrated a CEO handoff — to another parks leader, Bob Chapek — the arrangement imploded, prompting Iger's rapid return.
D'Amaro on Wednesday recalled that November 2022 event, saying that when Iger returned to the Burbank headquarters, D'Amaro brought him a bulky binder that included detailed updates for each component of the enormous parks and experiences division.
Iger dropped by D'Amaro's office the following day with the 250-page binder in hand.
'He pulled out one page,' D'Amaro said, noting that Iger had identified that 'we have plenty of room to grow this business. We've got land in all of our locations around the world. ... We've got the stories [and] we've got the fans.'
The example was designed to pay tribute to Iger's prowess and leadership, but it also underscored that D'Amaro's parks and experiences division remains key to Disney's success.
Disney has pledged to spend $60 billion during the next decade to expand and revitalize resorts and theme parks. It expects to double its fleet of cruise lines. The company also has invested $1.5 billion in 'Fortnite' developer Epic Games to tap into the growing revenue potential of video gamers.
D'Amaro's conference appearance came a week after Disney delivered impressive quarterly earnings, propelling the stock to climb nearly 20% to more than $111 a share, regaining market ground lost since last fall.
Operating income at the domestic theme parks and experiences division, which includes cruise lines, rose 13% to $1.8 billion.
Disney also announced a major expansion in the Middle East, where it is planning to build its seventh theme park.
'We looked around the world ... and ended up in Abu Dhabi,' D'Amaro said. That region has emerged as an entertainment hub within the United Arab Emirates, where the new park will join SeaWorld and Ferrari World.
'If you look at a four-hour flight radius into Abu Dhabi, a third of the world's population is there,' D'Amaro said. 'We think that there are half a billion consumers that have the right Disney affinity and income to visit one of these theme parks.'
Disney is collaborating with Miral Group, an arm of the Abu Dhabi government, which will pay for the multibillion-dollar construction, in a departure from Disney's long-held practice of owning its parks.
Disney won't loosen its grip on the creative elements, D'Amaro said, adding Miral will 'ultimately operate the project with a significant amount of oversight from us.'
This wasn't the first time D'Amaro has presented at an investor conference. Two years ago, D'Amaro took the stage at the JP Morgan technology and media conference. Other executives have also made the rounds.
In March, Walden spoke at the Morgan Stanley Technology, Media, and Telecom Conference. That same month D'Amaro and Bergman appeared onstage together to present 'The Future of World-Building at Disney' at South by Southwest in Austin, Texas.
Hollywood insiders believe Disney needs an Iger-like successor, someone who has a deft touch with talent and is deeply familiar with the television and movie side of the business.
Walden and Bergman also manage a prestigious portfolio, which includes the critically important Disney+ and Hulu streaming services.
D'Amaro, a Massachusetts native, has earned celebrity status among Disney's faithful.
He occasionally mingles with park-goers, a treat for Disney superfans who post TikTok videos in public display of affection. In those clips, D'Amaro is typically beaming, elevating him to a jolly brand ambassador for the 'happiest place on earth.'
'I've been very fortunate,' D'Amaro said of his 27 years at Disney, saying the tenure has allowed him 'to connect with and meet a lot of our executives and understand the different businesses, which makes it a bit easier to navigate and keep connected with the rest of the company.'
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