Disney names Josh D'Amaro as CEO, will replace Bob Iger on March 18

Summary

Disney named Josh D'Amaro as its next CEO, effective March 18 at the annual meeting, succeeding Bob Iger. Dana Walden will become president and chief creative officer, with both executives elevated and retained. CNBC's Julia Boorstin said the succession highlights Disney's parks/experiences profit engine and expansion plans, while Disney shares rose about 1.5% premarket. Board chairman James Gorman is expected to discuss the decision with CNBC.

• Disney announced Josh D'Amaro will become CEO effective March 18, replacing Bob Iger.
• Dana Walden will become president and chief creative officer, keeping both succession candidates at Disney.
• The board vote was unanimous, and D'Amaro will join the board after the annual meeting.
• D'Amaro has run Disney's Parks and Experiences division, its largest segment with about $36 billion in annual revenue.
• Parks and Experiences are about two-thirds of Disney operating income and generated three times entertainment operating income in the latest quarter.
• Disney is pursuing a 10-year parks/experiences capex plan, including an Abu Dhabi expansion without Disney capital expenditures and an Epic Games partnership.
• Disney shares were indicated up about 1.5% premarket after the announcement.
• James Gorman, Disney board chairman, will join CNBC for a first interview on the succession.