Who is Josh D’Amaro? What you need to know about – Business News
Newly named Disney CEO Josh D’Amaro is a hospitality guru who has modelled himself so carefully after longtime chief Bob Iger that he even clothes like him, insiders advised The Post on Tuesday.
A host of challenges await D’Amaro when he turns into head of the House of Mouse on March 18, starting from decrease worldwide tourism to elevated competitors to motion pictures.
But sources stated the 54-year-old who’s been working Disney’s parks and cruises is a “people person” who performs effectively with others, giving him the mentality to climate future storms.
Disney’s new CEO Josh D’Amaro has been described as a people particular person. Getty Images for SXSW
“He dresses exactly like Iger. Sweaters, collared shirts,” a Disney source stated. “He’s a good guy, well liked. Iger likes to note how much ‘charisma’ Josh has.”
D’Amaro, whom Disney introduced as its subsequent CEO on Tuesday, is the alternative of Bob Chapek, Iger’s final handpicked successor, sources stated.
Chapek, additionally a former theme parks chief, was generally known as cussed, gruff and unpolished, they stated. He didn’t work effectively with Iger, who stepped down after a 15-year run as CEO in 2020 and stayed on for Chapek’s transition — solely to come back as chief exec after Chapek’s tenure didn’t work out.
Chapek lasted within the high job simply two years. The stretch was marked by a blow up with Hollywood A-lister Scarlett Johansson over a contract dispute, sky-high theme park pricing, an costly “Star Wars”-themed lodge that shuttered two years after opening and a battle with Florida Gov. Ron DeSantis that price the company its particular tax district, Reedy Creek.
Iger will stay on Disney’s board and function a senior adviser till his retirement on Dec. 31, 2026, Disney stated Tuesday.
“Josh will manage the relationship with Iger much better than Chapek, who failed miserably in keeping Iger on the same side,” a source famous, including that D’Amaro has a “Teflon”-quality for missteps that Chapek lacked.
“Everything stuck to Chapek. Josh is much smoother and more like Iger,” one other source stated.
Longtime CEO Bob Iger is stated to be impressed by D’Amaro’s people expertise, a source advised The Post. Getty Images for Disney
A former sculptor who studied artwork at Skidmore College earlier than transferring to Georgetown University to research advertising and marketing, D’Amaro is thought of a shrewd businessman.
After graduating, he took a finance job at Gillette, then utilized for a strategy job at Disney in 1998. He was quickly specializing in theme park advertising and marketing campaigns and ultimately moved to China to help resuscitate Hong Kong Disneyland’s business. A number of years later, he labored with film director James Cameron to add “Avatar”-themed rides to Walt Disney World in Orlando, Fla.
When Chapek was elevated to CEO in 2020, D’Amaro grew to become chief of the company’s “experiences” division — proper during the COVID pandemic. The outbreak put a chokehold on Disney’s theme park and cruise business, however gave D’Amaro a crash-course on handling catastrophe.
Disney’s business has since returned to growth, and D’Amaro has sought to keep increasing the theme parks and cruise division. The greatest half of the Disney business, it brings in $36 billion in annual income.
D’Amaro faces a slew of challenges — together with turning round Disney’s leisure business. GC Images
Under each Chapek and Iger, D’Amaro has relied on raising theme park pricing to juice profitability — a lot to the dismay of cash-strapped households.
The average price of a single-day ticket to Walt Disney World climbed 5% per 12 months from 2014 to 2024, outpacing inflation, in accordance to CNBC.
A single-day ticket at Disney World can price $199 these days, with the price round $104 at Disneyland in Anaheim, Calif. The price of food, parking and souvenirs have additionally gone approach up, raising considerations that a Disney trip has change into too costly for the average household.
Disney reported better-than-expected first-quarter adjusted earnings of $1.63 on income of $25.98 billion on Monday. D’Amaro’s unit logged more than $10 billion in quarterly income for the primary time — although that momentum is anticipated to gradual down as fewer worldwide vacationers are anticipated to go to US points of interest.
Early in his profession, D’Amaro helped revive Hong Kong Disneyland’s business. AP
Last 12 months, worldwide tourism to the US declined eight straight months, in accordance to National Travel and Tourism Office knowledge cited by Business Insider.
Still, D’Amaro has been searching for methods to broaden Disney’s theme parks and cruises. He was credited for an bold $60 billion enlargement of the parks and cruise traces and is laying the groundwork for a new resort in Abu Dhabi, the Disney’s first outpost within the Middle East.
Meanwhile, the company’s leisure business is nonetheless grappling with the continued transfer away from film theaters and linear TV to streaming, plus potential disruptions stemming from artificial intelligence.
Aside from shifting to pricey digital platforms, D’Amaro should discover methods to rejuvenate main — however drained — franchises from Marvel which have been underperforming on the box workplace lately.
D’Amaro stated he’ll give attention to gaming to help Disney discover new streams of income. Getty Images
Before being tapped as CEO, D’Amaro was already main the hassle to grow Disney’s presence in video video games, partially by way of a $1.5 billion investment in Epic Games for a Fortnite project.
He beforehand stated he needs to give video video games “a bigger role at the company.” The Wall Street Journal reported in December that he is wanting to combine “gaming technology” into Disney’s inventive processes.
“We envision this as a world or a universe that I think can be important not only to (the game) space, but to the Walt Disney Company,” the exec stated in a 2024 interview with Reuters on his imaginative and prescient for how gaming can herald new revenues.
Even so, media insiders say D’Amaro is going to need a “vision” to deliver the company into the following period of growth.
“It’s unclear whether he has the vision of strategy to manage the downs and ups,” a former Disney exec stated. “But people are rooting for him.”
The Post has sought remark from Disney.
