One of many huge questions for the way forward for Disney Parks & Resorts (sorry, Experiences) is who turns into the phase Chairman when Josh D’Amaro succeeds CEO Bob Iger (sorry, if he’s introduced as successor).
Previous to at this time, we’d’ve stated there are a pair main candidates already within the division, however that we’re within the window the place each reshuffling may very well be executed with succession-planning in thoughts. As the results of a brand new management shake-up, we’ve a brand new identify so as to add to the combo.
Right here’s the announcement from the Walt Disney Firm:
Disney Experiences Chairman Josh D’Amaro at this time introduced the appointment of Michael Moriarty as Govt Vice President and Chief Monetary Officer, Disney Experiences, succeeding Kevin Lansberry.
Lansberry will probably be retiring in February 2026 after a rare 39-year profession with Disney that included a breadth of roles throughout Disneyland and Walt Disney World Resorts in Finance, Enterprise Improvement, Alliances and Operations, in addition to an interim position as CFO for The Walt Disney Firm in 2023.
Moriarty brings almost 20 years of Disney management expertise, together with his time as former CFO at Walt Disney Imagineering and Hong Kong Disneyland Resort, and finance management roles at Walt Disney World Resort. For the previous 5 years, he has served as President and Managing Director of Hong Kong Disneyland Resort.
Below Moriarty’s management, the resort expanded with the profitable opening of World of Frozen — contributing to a record-breaking 12 months in 2024 — and launched a year-long celebration of its twentieth anniversary that’s at the moment below approach.
“Michael Moriarty brings a deep understanding of our long-term technique to broaden the attain and impression of Disney Experiences,” stated D’Amaro. “His international perspective and management will assist information us by way of an thrilling chapter of development, reaching new followers in new locations and on new platforms.”
An announcement relating to Moriarty’s successor at Hong Kong Disneyland will probably be made at a later date.
Moriarty has had an extremely profitable tenure at Hong Kong Disneyland. Listed here are a couple of key monetary highlights from the newest fiscal 12 months:
- HKDL recorded a historic web revenue of HK$838 million, representing a year-on-year enchancment of HK$1.2 billion.
- HKDL noticed document EBITDA and income in FY24. EBITDA improved by HK$1.4 billion to HK$2.3 billion, and income grew by 54% year-on-year to HK$8.8 billion.
- Per capita visitor spending grew by 28%.
- Whole attendance reached an all-time excessive of seven.7 million, attributable to a powerful rebound in mainland China and abroad visitation, in addition to continued robust native momentum.
All of that is earlier than World of Frozen had been open for a full 12 months, or the twentieth Anniversary began.
Based mostly on what we noticed throughout our final go to to Hong Kong Disneyland, the as soon as “little fort park that would” has blossomed into its personal. It’s in all probability a fairly secure wager that these numbers will present vital year-over-year enchancment, with even larger revenue, attendance and occupancy numbers.
Given Moriarty’s management in reaching these outcomes, in addition to opening World of Frozen, launching the twentieth Anniversary, and getting the Marvel enlargement again on monitor, it appears pretty apparent that he’d be thought of for the Parks Chair place. That is an precise promotion–he’s not being put out to pasture with a pretend job, like helming Disney’s protection of the Olympics.
Talking of faux jobs masking the Olympics, the opposite leaders I’d regulate for the Parks Chair place are Thomas Natacha Rafalski, Présidente of Disneyland Paris and Thomas Mazloum, President of Disneyland Resort.
Each have robust credentials, and appear poised to proceed their ascent up the ranks. I’ve additionally heard loads of positives about each, and have had the prospect to speak to Mazloum on a couple of events at numerous occasions and have come away impressed. Mazloum, particularly, has efficiently managed quite a lot of main initiatives in difficult circumstances post-reopening–and Disneyland in California is a frequent stepping-stone place to the highest job.
I might be stunned if the present President of Walt Disney World is within the operating; I’m type of stunned he’s nonetheless round. However once more, my perspective is essentially that of an outsider. I’ll be intently watching different upcoming parks management adjustments to see who will get cycled into necessary new roles, and who’s quietly sidelined with symbolic “promotions” to pretend jobs.
As for the suggestion that Josh D’Amaro is a number one candidate to be Disney’s subsequent CEO, or extra precisely, the main candidate, that’s not simply our view. This from Bloomberg earlier in October:
Walt Disney Co. Chief Govt Officer Bob Iger was chatting on the Farmshop restaurant in Santa Monica, California, a pair weeks in the past when the dialog turned tense.
His breakfast accomplice prompt Josh D’Amaro, head of Disney’s theme-parks division, “will do a fantastic job when he’s appointed CEO.” Iger bristled, based on an individual who witnessed the change. He raised his voice, saying the board hadn’t decided and that he had “no concept” the place that notion was coming from.
The dialog displays a rising consensus amongst many Disney executives, former executives and trade leaders that D’Amaro will succeed Iger when the corporate names a brand new CEO as deliberate early subsequent 12 months. The board is targeted on 4 inner candidates, together with D’Amaro, leisure co-heads Dana Walden and Alan Bergman, and Jimmy Pitaro, who leads ESPN. Iger’s contract ends in December 2026.
That is one among a number of reviews within the final couple of years suggesting that D’Amaro and Walden are the front-runners.
It’s attainable these are simply educated guesses versus insider information, although. I do know completely nothing and I might’ve guessed that D’Amaro and Walden could be front-runners just by advantage of their positions, public appearances, and different variables. On the subject of appearances, D’Amaro has made quite a lot of these during the last 6 months that would appear to sign he’s CEO in ready.
Extra importantly, enterprise is booming for the Experiences division. It grew to become the corporate’s major revenue engine in 2022, changing the declining cable TV enterprise. Experiences now represents over 70% of Disney’s general working revenue, up from 41% in 2019 and 34.5% in 2018.
Experiences is the one division that has really grown measurably since 2020. By the primary 9 months of fiscal 2025, revenue within the Disney Experiences division rose to $8.12 billion, a 3rd greater than Disney’s TV, movie, streaming and sports activities segments mixed. The previous few years have been a battle for these companies.
Due to the phase’s success below D’Amaro’s management, it’s also seeing $60 billion of funding over the following decade. It’s our expectation that this quantity really finally ends up being decrease than the precise spend (it additionally doesn’t account for initiatives/partnerships that will probably be income turbines with out funding, like Disneyland Abu Dhabi). And in contrast to the cash pit that’s streaming, there ought to really be ROI from the parks!
Given all that, it appears solely logical that Disney’s subsequent CEO would come from its most profitable division, and be the one one who has a reasonably spotless document throughout that timeframe.
I received’t faux to know a lot about Dana Walden. I’ve learn loads about her to rise up to hurry on succession planning; she appears to be fairly well-liked and good at what she does.
However I’ll be the primary to concede that I don’t have a lot ardour for the leisure aspect of the enterprise, a lot of my information is superficial and never knowledgeable by any precise conversations with individuals. Simply what I’ve learn within the Hollywood trades. And with regards to stuff like succession planning, quite a lot of that’s in all probability positioned by Walden’s camp to color a optimistic image of her. (Or conversely, I suppose, by the camps of her competitors.)
So I’ll simply level out the apparent. Past her enterprise acumen and relationships with Hollywood expertise, the benefit Walden has is that she’d be historic–Disney’s first feminine CEO. The legal responsibility that she poses is that she’d in all probability be considered because the extra political decide, not for that motive, however due to those self same relationships and since her identify has been concerned with a number of high-profile issues. I’d hazard a guess that Disney’s Board of Administrators could be reluctant to call Dana Walden as CEO between now and November 2028.
In what appears to be an more and more unpopular opinion amongst Walt Disney World and Disneyland diehards, my hope is that D’Amaro is the following CEO. Admittedly, that is at the least partially a matter of expediency and to make sure continuity of initiatives.
All it takes is a regime change to derail initiatives that aren’t sufficiently far alongside in development. New leaders like to make their mark on theme park initiatives, in methods each good and unhealthy. So let’s say that, for instance, Villains Land in Magic Kingdom or Pandora in Disney California Journey are solely cleared parcels of land in late 2026.
Let’s additional assume, for the sake of this hypothetical, that Dana Walden will get the nod as CEO. What if she secretly loves Bob’s Burgers or another franchise that came to visit together with her from Fox, and thinks that might be an excellent match for Magic Kingdom and DCA enlargement?
Out of the blue we find yourself with two cloned Bob’s Burgers lands, making a few of you who argued the Simpsons are “un-Disney” want we might’ve have Springfield as an alternative. I’m not saying it will occur, because it’s extremely far-fetched. It’s simply to underscore the purpose that management shake-ups lead to precedence and challenge adjustments, with new CEOs favoring their very own pet properties. A few of you will have a failure of creativeness with regards to the draw back danger within the unknown.
There’s little to no danger of this if D’Amaro is known as CEO. He would basically be continuity with the present Parks & Resorts regime. There could also be little issues over which he and Iger disagreed, however I can’t see him cancelling a complete land or altering the course of a challenge totally. D’Amaro is the consistency candidate; anybody else may very well be an agent of change and chaos.
A superb factor, I suppose, should you’d wish to see some change and chaos–I do know many followers supported the Peltz proxy battle for exactly this motive. However simply keep in mind that the grass is at all times greener. While you’re advocating for unsure adjustments, you’re in all probability envisioning a best-case situation the place issues get higher. As an alternative think about the counterfactual, the place issues get measurably worse. The following CEO might hate theme parks, and see development potential in different enterprise models and need to over-invest in these.
In the end, this is the reason I’d wish to have somebody from Parks & Resorts function CEO of the Walt Disney Firm. Proper now, that individual could be Josh D’Amaro. I’ve develop into much less bullish on D’Amaro since he got here aboard Disney, largely as a result of his monitor document on initiatives that have been began and accomplished below his tenure is a combined bag.
Nonetheless, I’d slightly have D’Amaro over the sensible alternate options for the easy motive that he’s a “Parks Man.” Not solely that, however I’d wish to consider that his palms have been tied by the streaming woes and the whole lot else, so treading water for a couple of years was the most effective case situation. I wish to consider the blame for the EPCOT overhaul debacle lies elsewhere, and the 2025 initiatives which can be underway will go a lot better.
On a optimistic observe, we’ve heard lots about D’Amaro from previous colleagues and Solid Members–and nonetheless need to provide him the good thing about the doubt primarily based on that. Individuals who have labored with him–and never simply frontline Solid Members who’ve superficial encounters–recommend that he’s the actual deal. That D’Amaro is somebody who actually “will get” Walt Disney World and Disneyland, cares about Solid Members and the visitor expertise, and would advocate for theme parks.
The underside line is that I need to see somebody–anybody–come from the Parks & Resorts aspect of the enterprise. I would like that to be the corporate’s focus. That’s my private bias. It might be good to have a CEO who got here up by way of the parks and understands their significance to the corporate’s inventive legacy–and never simply because the goose(s) that lay golden eggs. Whether or not that’s Josh D’Amaro, the triumphant return of Tom Staggs, or some thriller third candidate–I’ll take them over anybody from Hollywood or ESPN.
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OUR THOUGHTS
What do you consider this management shake-up? Are you cheerful, upset, or detached in the direction of the information? Acknowledge this as a ‘vital’ transfer even should you’re not wild about it? Who do you assume will probably be CEO of the Walt Disney Firm on January 1, 2027? Will it’s Bob Iger (nonetheless), Josh D’Amaro, Dana Walden, Jimmy Pitaro, Alan Bergman, Tom Staggs, Kevin Mayer, or not one of the above? Who ought to it’s? Do you agree or disagree with our evaluation? Any questions we may help you reply? Listening to your suggestions–even whenever you disagree with us–is each attention-grabbing to us and useful to different readers, so please share your ideas beneath within the feedback!