WASHINGTON, United States (AFP) — The Walt Disney Company announced Tuesday that Josh D’Amaro, head of its theme parks division, will replace Bob Iger as chief executive when the entertainment titan steps down in March.

D’Amaro, 54, will take the helm on March 18 following a unanimous board vote, the company said. He will succeed Iger, who has led Disney for nearly two decades across two separate stints.

“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,” said board chairman James Gorman.

The 28-year Disney veteran oversees the company’s largest business segment, which generated $36 billion in revenue in fiscal 2025 and employs 185,000 people worldwide across 12 theme parks and 57 resort hotels.

D’Amaro has led major expansions including “Star Wars: Galaxy’s Edge” and plans for a new park in Abu Dhabi, as well as Disney’s partnership with Epic Games on Fortnite integration.

Iger praised D’Amaro’s “instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences.”

In a concurrent move, Dana Walden, co-chairman of Disney Entertainment, was named president and chief creative officer — a new role in which she will report directly to D’Amaro and oversee creative output across the company.

Iger will serve as senior advisor through December 2026 before retiring from the company he has led to “unprecedented creative and business success,” the statement said.

Under Iger’s leadership, Disney acquired Pixar, Marvel, Lucasfilm and 21st Century Fox. It also opened its first theme park in China — the Shanghai Disney Resort — and launched the Disney+ and ESPN+ streaming services.

Iger previously resigned as Disney CEO in February 2020 after 15 years, handing control to Bob Chapek.

But their clashes during the Covid-19 pandemic led to Chapek’s ouster in November 2022 and Iger’s return as CEO.

During his return, Iger cut costs, laid off thousands of employees, and restructured divisions amid streaming losses and a post-Chapek “mess” he publicly criticized.

The handover comes amid intensifying pressures in the traditional media and video streaming businesses, with Disney+ taking years to reach profitability after its launch to compete with Netflix in 2019.

Disney is also dabbling in generative AI with a three-year licensing deal signed in December that will allow fans to create short videos featuring beloved Disney characters through artificial intelligence.