By MICHELLE CHAPMAN, Associated Press Business Writer

Disney has named its parks chief Josh D’Amaro to succeed Bob Iger as the entertainment giant’s top executive.

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D’Amaro is the Disney Experiences Chairman, spearheading efforts for the company’s theme parks, cruises and resorts.

He steps into the position at a time when Disney is flush with box-office hits like “Zootopia 2” and “Avatar: Fire and Ash” and its streaming business is strong. But the company is also dealing with a decline in foreign visitors to its domestic theme parks, with tourism to the U.S. falling during an aggressive immigration crack down by the Trump administration, as well as clashes with almost all of country’s trading partners.

The decision on the next chief executive at Disney comes almost four years after the company’s choice to replace Iger went badly, forcing Iger back into the job.

Only two years after stepping down as CEO, Iger returned to Disney in 2022 after a period of clashes, missteps and a weakening financial performance under his hand-picked successor, Bob Chapek.

“We wont’ have the same drama we had last time, that I can assure you,” Disney Chairman James Gorman said Tuesday in an interview on CNBC.

Disney meticulously and methodically sought out its next CEO this time. The company created a succession planning committee in 2023, but the search began in earnest in 2024 when Disney enlisted Gorman, who previously served as Morgan Stanley’s executive chairman, to lead the effort. That still gave it ample opportunity to vet candidates, as Iger agreed to a contract extension.

While external candidates were considered, it was widely expected that Disney would choose an internal candidate to become its next CEO. Internal candidates were mentored by Iger, interacted with the company’s 15 board members (including Iger) and received external coaching.

Attention soon focused on D’Amaro and Disney Entertainment Co-Chairman Dana Walden as the front runners among Disney’s internal candidates.

D’Amaro, who has been with Disney since 1998, has been leading the charge on Disney’s multiyear $60 billion investment into its cruise ships, resorts and theme parks. He also oversees Walt Disney Imagineering, which is in charge of the design and development of the company’s theme parks, resorts, cruise ships, and immersive experiences worldwide. In addition, D’Amaro has been leading Disney’s licensing business, which includes its partnership with Epic Games.

In her most recent role, Walden has helped oversee Disney’s streaming business, along with its entertainment media, news and content businesses. She joined Disney in 2019. Before that, Walden spent 25 years at 21st Century Fox and was CEO of Fox Television Group.

Walden will now step into the newly created role of chief creative officer of The Walt Disney Co. She will report to D’Amaro.

There had been speculation that Disney might go the route of naming co-CEOs, a move that has started to become more popular with companies. Oracle and Spotify are among those who named co-CEOs in 2025.

D’Amaro and Walden’s appointments are effective on March 18.

Disney shares rose more than 1% in early trading.