Casual conversation in Hollywood often drifted to a familiar question: “Will Bob extend his contract again?”

Walt Disney Co.’s board had initially set Chief Executive Bob Iger’s target retirement date for 2015. The board instead renewed his contract multiple times, then called him back in 2022 — nearly a year after he had retired — when the last leadership handoff famously unraveled.

Disney’s struggles with succession over the decades have become epic dramas filled with false starts, larger-than-life leaders reticent to go and allegations of hollow searches for a new CEO. Twenty-plus years ago, one candidate for the top job — former Ebay and Hewlett-Packard chief Meg Whitman — withdrew from the running, suggesting the fix was in.

Disney’s board at the time wanted to give Iger, a longtime ABC executive who had toiled years in the shadow of former Chief Executive Michael Eisner, a shot.

With all that history, Disney’s board recognized its imperative of choreographing a meticulous transition. Iger, 74, was ready to go, and the process to find his successor was certain to go under the microscope.

“We had to be open — we couldn’t be questioned on it,” Disney Chairman James Gorman told The Times in an interview to shed light on what, until this week, had been a closely guarded boardroom process. “We didn’t just want to have this as a rigged game.”

This week, Disney’s board unanimously approved the selection of 54-year-old parks chief Josh D’Amaro to succeed Iger on March 18 when the company holds its annual meeting with shareholders. The switch will mark the end of an era, as Iger has been a towering presence in Hollywood for more than 20 years.

Two years of planning led up to D’Amaro’s selection. When Iger’s last successor, Bob Chapek, was ousted in November 2022, Disney’s board announced that Iger would return to serve as CEO for just two years.

But a series of high-level executive departures had thinned Disney’s executive bench. The board later acknowledged it needed additional time to plan succession and Iger’s contract was extended again, this time to December 2026.

Gorman — a former chairman and chief executive of Morgan Stanley — joined Disney’s board in the fall of 2024. He became chairman in January 2025 and succession planning began in earnest. Unlike in early 2020, when Iger was in charge of the board that tapped Chapek, this time the board formed a succession committee comprised of current and former CEOs of different firms.

The committee, led by Gorman, included General Motors Chief Executive Mary Barra, former CEO of Lululemon Athletica Calvin McDonald; and the former head of Britain’s Sky broadcasting, Sir Jeremy Darroch.

The search began with a list of about 100 potential candidates, Gorman said, including names provided by search firm Heidrick & Struggles. The group eventually culled the list to 30, he said, then narrowed it even more. They met with a few outsiders.

“We wanted to see what was out there … but it’s always difficult to go outside for any company,” Gorman said, adding that typically happens during a crisis, such as an abrupt CEO retirement due to illness or some other unforeseen event.

“You don’t take somebody from the industrials world and plop them in a media company,” he said. “That’s just too big a lift.”

Increasing the challenge, the 102-year-old company has a distinct corporate culture — one that still pays homage to founder Walt and instills in its employees (known internally as cast members) the need to serve as guardians of Disney’s treasured characters and brands.

Any outside pick would have been a risky bet.

Four Disney executives were under evaluation. D’Amaro, television and streaming chief Dana Walden, movie chief Alan Bergman and ESPN Chairman Jimmy Pitaro were all viewed as contenders for the job.

The board spent months sizing up strengths and weaknesses of external and internal candidates. Candidates made presentations to the board, laid out their visions for Disney’s future, received mentoring from Iger and spent hours meeting with Gorman and other succession committee members as well as the full board.

Hopefuls were questioned on their visions for the company. They were quizzed about such topics as teamwork and corporate culture.

“We wanted to know that whomever we picked beat all comers,” Gorman said. “And our people stress-tested unbelievably well. Yes, the [Disney executives] were given a huge advantage because they understand the culture, it’s a very unique culture, but it wasn’t just that.

“They were capable and they were ready,” Gorman said.

The board increasingly became comfortable with D’Amaro — who joined the company 28 years ago in Disneyland’s accounting division. For the past six years, D’Amaro has run Disney’s parks and experiences division, which now is the company’s largest business unit amid the decline of traditional television.

Walt Disney Co.’s board named Josh D’Amaro, right, as the new chief executive. Dana Walden, left, who is co-chairman of Disney Entertainment, will step into the role as president and chief creative officer.

(Walt Disney Company)

The board also carved out a new role as president and chief creative officer for longtime television executive Walden, 61, who becomes the first woman to serve as Disney’s president.

Gorman said Walden, 61, was impressive.

“She’s a strong leader. She’s decisive. She’s got great creative chops,” Gorman said. “She’s worked well with Alan Bergman as co-chair of entertainment. The idea is to ensure we bring creativity to all parts of the company and in all corners of the world.”

“A new CEO is massively, positively enabled by having their team, if they’re capable,” Gorman said. “And we are blessed with [our team] in place.”

Netflix Inc. Co-Chief Executive Ted Sarandos pledged to maintain a 45-day theatrical window for Warner Bros. films during a Senate subcommittee hearing Tuesday.

Sarandos also tried to dampen concerns about potential job losses and U.S. production declines related to the companies’ proposed multibillion-dollar deal.

During a two-hour hearing before the Senate Subcommittee on Antitrust, Competition Policy and Consumer Rights, Sarandos told lawmakers the proposed merger would not run afoul of antitrust concerns and would, instead, “strengthen the American entertainment industry.”

About 80% of HBO Max subscribers also have Netflix subscriptions, which he said showed the two services were “complementary.” Netflix also plans to increase its film and television production spending to $26 billion this year, with a majority of that happening in the U.S., he said.

“We are doubling down, even as much of the industry has pulled back,” Sarandos said, according to a written transcript of his opening remarks. “With this deal, we’re going to increase, not reduce, production investments going forward, supported by a stronger combined business and balance sheet.”

Sarandos was joined at the hearing by Warner Bros. Discovery Chief Revenue and Strategy Officer Bruce Campbell.

When asked by Sen. Adam Schiff (D-Calif.) whether senators should expect a “round of layoffs” or consumer price increases as a result of the deal, Campbell said no. He pointed to Netflix’s lack of comparable film and TV studios, or the distribution infrastructure that Warner Bros. has.

“We believe, based on our discussions with them in the negotiation process, that they’re not only going to keep those operations intact, in fact, they’re going to invest in those operations and invest in continued production, including on our lots in Burbank and elsewhere,” Campbell said.

Paramount Chief Executive David Ellison was also invited to appear as a witness, but declined because he did not believe it would be useful or helpful since the company’s bid for Warner had been rejected, Sen. Cory Booker (D-N.J.) said during the hearing. Ellison did, however, meet with him and other senators privately to answer questions, Booker said.

Sarandos also tried to assuage concerns about the deal’s potential effect on theatrical distribution.

“I know I’ve earned some skepticism over there over the years on this because I was talking a lot about Netflix’s business model, which was different from that,” he said. “We didn’t own a theatrical distributor before. We do now, and a great one.”

When asked if the 45-day window would be “self-enforced,” Sarandos agreed, saying that was an industry standard. He did, however, note the general caveat that “routinely, movies that underperform, the window moves a little bit” but is still referred to as a 45-day window.

And in a sign of the growing role politics has played in the perception of the deal, Sarandos tried to sidestep questions from Republican senators about perceived “woke” content on the streaming platform, as well as inquiries from Booker about President Trump’s involvement in the merger. Trump previously said he “would be involved” in his administration’s decision to approve any deal.

The hearing comes just two months after Netflix prevailed in a hotly contested bidding war for Warner Bros. The $72-billion deal would dramatically reshape the Hollywood landscape and give the streamer control over Warner Bros.’ storied Burbank film and TV studios, its lot, HBO and HBO Max.

Netflix also agreed to take on more than $10 billion in Warner Bros. debt, pushing the enterprise value of the transaction to $82.7 billion.

But Paramount has continued to pursue the company, fighting to acquire all of Warner Bros. Discovery, including its cable networks.

The company, led by Ellison, has made a direct appeal to Warner shareholders to tender their shares in support of a Paramount deal. A deadline for that offer was recently extended to Feb. 20.

Paramount has also filed proxy materials to ask Warner shareholders to reject the Netflix deal at an upcoming shareholders meeting.

Walt Disney Co. selected theme parks chief Josh D’Amaro to be the company’s next chief executive, culminating the most closely watched succession drama in Hollywood.

D’Amaro, who has run the company’s pivotal parks and experiences division for six years, will be charged with steering the Burbank entertainment giant through increasingly turbulent times.

He officially becomes chief executive at the company’s March 18 shareholder meeting — replacing Chief Executive Bob Iger, who will hand over the reins after two decades in the top job revitalizing the company.

Iger will stay on as a senior advisor and board member until his retirement from the company when his contract expires in December.

Dana Walden, co-chair of Disney Entertainment, was named the company’s president and chief creative officer, becoming the first woman to serve as president at the 102-year-old company. She will report to D’Amaro.

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said in a statement. “He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects.”

D’Amaro, who turns 55 this month, is respected on Wall Street and has long been a favorite among legions of Disney superfans who view him as a charismatic cheerleader for Mickey Mouse, Buzz Lightyear and other inhabitants of the Magic Kingdom.

Within Disney, D’Amaro is known for his consensus-building style, his mastery of Disney’s distinct culture and for safeguarding its beloved brands.

D’Amaro, a native of Massachusetts, joined Disney 28 years ago in Anaheim’s Disneyland accounting department and will become the ninth person to lead the company. He steadily rose through the ranks, working in finance, business strategy and marketing and eventually leading Disneyland and then the larger Disney World Resort in Florida.

A big promotion came in early 2020 when he was entrusted with all of the company’s theme parks, cruise lines and its creative cadre of Imagineers.

His portfolio includes video games and consumer products. He’s overseen numerous high-profile construction projects, including Star Wars: Galaxy’s Edge and the Marvel-themed Avengers Campus at Disneyland as well as the current $60-billion expansion of cruise lines and theme parks, which includes plans for a new venture in Abu Dhabi.

In a statement, Disney’s board noted that D’Amaro currently leads Disney’s largest division, which produced $36 billion in the last fiscal year.

He will oversee all of Disney and its workforce of 230,000 as the entertainment colossus tries to soar in the streaming age amid the erosion of the company’s once-mighty legacy cable TV business and a punishing theatrical business climate.

He also must balance the promise of artificial intelligence without allowing it to destroy the value of Disney’s characters and movie franchises. A further challenge is to help Disney navigate the nation’s divisive political landscape.

Succession planning stretched more than two years.

“All of the directors became very comfortable with Josh’s skills, aptitude and readiness,” Disney board Chair James Gorman said in an interview. “Readiness was key, and that’s why we moved at this time. We were ready, Bob was ready to step aside, and he felt like Josh was ready as well as Dana and the whole team.”

Disney noted the board, in a meeting Monday, unanimously selected D’Amaro as CEO.

“D’Amaro’s most immediate priorities will be managing the Parks business through what continues to be a bumpy economic environment, particularly for non-wealthy consumers,” TD Cowen media analyst Doug Creutz wrote in a research report. He will also be tasked with “maintaining creative momentum in the Studios, both at the box office and on Disney+.”

While D’Amaro “lacks experience on the creative side of the business,” Creutz wrote, the promotion of Walden, who is respected in Hollywood, should fill that gap.

“It will however be critical for the two executives to be able to forge a strong partnership,” Creutz said.

Gorman, in the interview, said having a chief creative officer is new for Disney (Iger has largely filled that role without the title). The elevation expands Walden’s purview over Disney’s movie studios and all streaming service content.

“Dana is a strong leader. She’s decisive. She’s got great creative chops and she’s worked well with Alan Bergman as co-chair of entertainment,” Gorman said. “The idea is to ensure we bring creativity to all parts of the company in all corners of the world.”

After Disney’s March meeting, D’Amaro will join the company’s board.

His pay package will be about $38.5 million, consisting of a $2.5-million base salary, a $26.3-million long-term incentive each fiscal year subject to adjustment for performance or economic conditions and a one-time long-term incentive award of $9.7 million. He’s also eligible for an annual performance-based bonus worth 250% of his base pay, which could work out to about $6.3 million.

“Throughout this search process, Josh has demonstrated a strong vision for the company’s future and a deep understanding of the creative spirit that makes Disney unique in an ever-changing marketplace,” Gorman said. “The Board believes he is exceptionally well prepared to guide this global company forward to serve our consumers around the world and create long-term value for shareholders.”

Disney shares recovered slightly from an earlier slump Tuesday, closing at $104.22. Investors had been rooting for D’Amaro to succeed Iger. He bested three other senior executives for the job: Walden; movie studio head Alan Bergman; and ESPN Chair Jimmy Pitaro.

Bergman and Pitaro will continue in their “critical leadership roles” and work with D’Amaro and Walden, the company said Tuesday.

D’Amaro’s elevation comes six years after Disney’s disastrous CEO handoff to then-parks chief Bob Chapek, who was D’Amaro’s boss for many years. Chapek was sacked after less than three years in the job — a chaotic period marked by COVID-19 pandemic closures and battles with Florida Gov. Ron DeSantis, actor Scarlett Johansson and senior Disney executives.

Iger returned in November 2022 to quell concerns among investors and Disney staff. He has spent the last three years putting the Mouse House back in order, cutting costs with thousands of layoffs and planning for Disney’s future. The changes included transitioning ESPN into a stand-alone streaming app, laying the groundwork for the parks expansion, making a $1.5-billion investment in “Fortnite” developer Epic Games to bolster Disney’s video games and preparing for this week’s long-anticipated succession.

“We have done a lot of fixing, but we’ve also put in place a number of opportunities … to essentially expand at every location that we do business and on the high seas,” Iger said on a Monday earnings call with Wall Street analysts.

Succession has been a top priority for Disney’s board since Gorman, former chair and chief executive of investment bank Morgan Stanley, took over in early 2025 as chair of Disney’s board.

Seeking to avoid another blunder, board members formalized the succession planning, establishing a committee led by Gorman, who instituted a more rigorous evaluation. Gorman and other committee members spent time with the CEO candidates to learn their strengths, weaknesses and visions for the future.

The board’s succession committee comprised Gorman, General Motors CEO Mary Barra, Lululemon Athletica CEO Calvin McDonald and Sir Jeremy Darroch, the former head of Sky broadcasting in Britain.

Iger spent hours mentoring the various candidates, including during Disney’s crisis last September when ABC briefly suspended late-night comedian Jimmy Kimmel over remarks in the wake of conservative activist Charlie Kirk’s killing.

Iger helped navigate the conflict amid outrage from political conservatives, President Trump and the chair of the Federal Communications Commission. On the other side, free-speech advocates were furious that Disney appeared to be ready to cut ties with Kimmel to appease the Trump administration.

Instead, Kimmel extended his stay through May 2027.

For D’Amaro, part of the challenge will be living up to the standards set by Iger, who helped the company prosper during his long career.

“Iger was really the visionary deal maker and the global brand quarterback,” said Bill Campbell, head of research for Paragon Intel in Connecticut. “D’Amaro is really the builder-operator who can protect the magic and make the machine more predictable.”

But Iger himself noted that D’Amaro would have to chart a new path.

“In the world that changes as much as it does, in some form or another trying to preserve the status quo is a mistake,” he said in the Monday earnings call. “I’m certain that my successor will not do that.”