Disney has a new captain, and his eyes are on the stars.

Taking over the reins from Bob Iger on Wednesday, new chief executive Josh D’Amaro signaled a bold shift for the entertainment giant: a future where emotional storytelling remains the “North Star,” but cutting-edge technology provides the fuel.

From ESPN to the Magic Kingdom, D’Amaro said in his first letter to employees as the top boss that his mission is to turn a century of nostalgia into a more personal, high-tech reality for fans worldwide.

“Used thoughtfully, it can empower our storytellers, strengthen our capabilities, and help us create more immersive, interactive and personal ways for people to experience Disney,” he wrote in the Wednesday morning note.

D’Amaro also said he wants the sprawling company, which includes film and TV studios, a tourism division, streaming services and live sports programming, to operate as “one Disney,” saying the global businesses all play a role in deepening consumers’ relationship with the Mouse House.

That connection people have with Disney’s brand is key to the company’s future. Consumers have more film, TV and experiences to choose from than ever, meaning Disney needs to distinguish itself among competitors.

To do that, D’Amaro plans to focus on the emotions consumers feel when they encounter Disney. As an example, he reminisced about his own first visit to Disneyland more than 40 years ago.

He recalled the joy on his father’s face as the two rode Peter Pan’s Flight together. And when they soared over the miniature version of London on the ride, he remembered his father leaning in and saying, “See, I told you. It feels like we’re flying!”

“That feeling of flying I had on Peter Pan all those years ago is still real to me,” he wrote in the Wednesday morning note. “And today, I am honored to move forward with all of you — with ambition, optimism, and absolute confidence in what we can build together.”

That new era also included a goodbye to Bob Iger, who handed over the reins Wednesday and now moves into a senior advisory role for the rest of the year before his planned retirement.

The company paid tribute to Iger in a video during Disney’s annual shareholders meeting Wednesday morning.

With clips from his earliest public appearances as Disney’s CEO, a highlight reel of the acquisitions the company made under his tenure and even a nod to his previous career behind the anchor desk, the video highlighted Iger’s legacy at the company and the role he played in bulking up Disney’s franchises, global theme parks, sports and streaming platforms.

When asked in the video about where he’ll go from here, Iger laughed and replied, “To Disneyland.”

In a pre-recorded speech, Iger said his time at Disney has spanned much of his life and that he never expected to become CEO of the company — much less twice.

“Over the years, we experienced extraordinary change and faced real challenges that were particularly profound in the last three years,” Iger said. “It was daunting at times, but through it all, what sustained me was the passion I saw every day from great storytellers, innovators, leaders and people around the world.”

In his parting remarks during that speech, he expressed confidence in the new leadership team of D’Amaro and Dana Walden, who is now president and chief creative officer of the company.

“I will be cheering on Josh, Dana and all of you as I sail off into the sunset,” he said. “So thank you for the trust you placed in me, for the memories we created together, and for allowing me the honor of serving. It has meant more to me than I can say.”

It is the industrial version of what homeowners might do to get through a hurricane. Only in this case, some technology companies are planning to rely on off-grid gas power for many years.

This is happening as electricity is becoming a major political issue, with fights breaking out over how much energy costs, where it comes from and who ought to pay for what. Data centers, which consume huge amounts of energy, are at the center of these debates.

Going off grid was no one’s first choice. Off-grid power generally costs a lot more, partly because developers need to install more equipment than will be used at any one time in case machines break or need servicing. A lot of this gear is also less efficient than the airplane-size machines used at big power plants, meaning it needs to burn more gas to generate the same amount of electricity.

But in some states, it might take years to get permission to plug new power plants into the grid.

By the end of 2025, an estimated 39 percent of the gas power capacity being developed in the United States was designed to serve data centers on-site, according to the Global Energy Monitor, a nonprofit organization that tracks energy projects. That is up from 5 percent at the end of 2024.

“Necessity is the mother of invention,” said Joe Kava, a consultant who previously led global data center development for Google. “The hyperscalers are not going to be curtailed because they can’t get power,” he said, using a term that refers to large tech companies.

Power plants have bloomed in New Albany, Ohio, near Columbus, as if overnight. It was little more than a year ago that Sloan Spalding, the mayor, learned that a data center developer wanted to build the town’s first gas-fired power plant. Now, three are under construction, all meant to exclusively power data centers, and at least one other is planned.

“Frankly, we were all a little surprised,” Mr. Spalding said.

Together, the plants that are already under construction are expected to rely on about 61 engines, 30 small turbines and 16 other generators, regulatory filings show. All of that equipment burns natural gas to generate electricity, but each operates differently. That does not include battery storage systems to manage demand fluctuations and diesel generators for backup power in emergencies.

It is the kind of equipment you might expect in remote oil fields. Were they connected to the grid, the machines being installed in New Albany could potentially power around 600,000 homes. Another power plant that was proposed last week would be big enough to provide electricity for an additional 200,000 homes or more if regulators approve it.

“For better or for worse, we are the pioneers in this process,” Mr. Spalding said. “There’s not a lot we can do to stop it.”

Tech giants generally say they don’t want to build or operate power plants. In some places, the companies are fighting efforts to require data centers to rely on their own power sources or reduce energy consumption when electricity systems are under strain.

But the tech industry’s appetite for energy has become almost insatiable because of artificial intelligence, and there are only so many places where companies can draw large amounts of power from the grid quickly. Wait times vary by region, but it now takes an average of four years or more for data centers to connect to U.S. grids, according to JLL, a real estate services firm.

One of the first companies to go it alone was Elon Musk’s xAI, which opened a data center in Memphis in 2024, powering it with more than a dozen gas turbines rolled in on flatbed trucks. The Southern Environmental Law Center later claimed the company flouted permitting requirements and violated the federal Clean Air Act in Memphis and at another location in Southaven, Miss. xAI, which eventually received permits for some turbines in Memphis and stopped using others, did not respond to requests for comment.

By that point, tech companies were flocking to Ohio, so much so that the main electric utility serving the Columbus area stopped accepting data center applications for new grid connections in March 2023. The state quickly became one of the first battlegrounds between utilities and some of the world’s most valuable companies.

It was against that backdrop that some developers started going off-grid in New Albany, which is near the western edge of a large natural gas deposit.

EdgeConneX, a Washington-area data center developer that did not respond to requests for comment, is behind one of the power plants. Williams Companies, an Oklahoma pipeline operator, is building at least two for Meta, Facebook’s parent company.

Meta has agreed to buy the power that Williams generates for at least a decade, said Chad Zamarin, Williams’s chief executive.

“Whether they use it or not, we will get paid,” Mr. Zamarin said.

The power deal is among the most expensive that Paul Zimbardo, an analyst at the investment firm Jefferies, said he had come across. Meta may have agreed to pay Williams $140 to $160 per megawatt-hour, the investment bank estimated, well above the price of grid power.

Last week, Williams told regulators that it wanted to build a third power plant in New Albany for an undisclosed customer.

These plants will not affect the price of electricity for Ohio residents because the facilities are not connected to the grid, though higher gas demand could drive up fuel prices over time.

Meta said the local utility’s pause on serving new data centers, which ended last year, influenced its decision to go off grid. The company, which has pledged to fully offset its greenhouse-gas emissions by 2030, is buying renewable energy to compensate for the electricity it gets from fossil fuels, said Ryan Daniels, a company spokesman.

Companies are gravitating to gas because it can theoretically generate electricity all day, unlike the wind or sun. And smaller gas generators and engines can be installed much faster than nuclear power plants.

That worries Noah Malik, who lives several miles from New Albany’s new plants. “By building this infrastructure, you’ve cemented that dependence on fossil fuels,” said Mr. Malik, who is 25.

Most of the off-grid power plants being planned around the country are either under construction or about to be, meaning the full environmental effects have yet to be felt.

New Albany’s new power plants are expected to release more nitrogen oxides — a group of pollutants linked to respiratory diseases like asthma — for each unit of electricity they produce than the larger gas plants that power most of Ohio, according to an analysis of regulatory filings and manufacturer data by the Environmental Defense Fund. That analysis, performed for The New York Times, accounts for the emissions controls that the developers have said they would install.

“I do worry about the near-term impacts of this choice on air quality and communities today,” said Mark Brownstein, a senior vice president at the Environmental Defense Fund. “Why exactly are we rushing?” he added. “There is a concern that haste is making waste here.”

A Williams spokesman said the company would “meet and exceed all state-established requirements to protect public health and the environment.” A spokesman for the Ohio Environmental Protection Agency said it modeled air quality to assess the facilities’ cumulative impact and ensure compliance with federal standards before giving developers permission to build the plants.

Noise levels must remain within five decibels of ambient levels, said a spokesman for the Ohio Power Siting Board, which also reviews major energy projects.

A big question is how long this gas power frenzy will last. Manufacturers of gas turbines and related equipment have been wrestling with how much money to invest in new manufacturing lines. Their big concern is that, by the time the new capacity is ready, demand for the equipment might have weakened significantly.

Baker Hughes, an oil field service company that makes the kinds of turbines being used off grid, is betting on strong data center demand for at least several years. It is one of many oil and gas companies that have piled into the power business as oil field work has slowed.

“We don’t see this being a fad,” said Lorenzo Simonelli, the company’s chief executive.

Industry analysts and executives also question whether power plants built alongside data centers will remain competitive if it becomes easier to connect to the grid.

Siemens Energy makes some of the equipment that the New Albany power plants plan to use. But even that company’s chief executive, Christian Bruch, is skeptical about using smaller machines as permanent power sources.

“These will not be long-term installations,” Mr. Bruch said in a recent interview, discussing the broader trend. “Is it good in terms of efficiency? And is that a smart power supply solution? Absolutely not.”

Walt Disney Co. installed Josh D’Amaro as chief executive Wednesday, beginning a new chapter for the storied Burbank entertainment giant.

Bob Iger passed the reins during Disney’s virtual annual meeting of shareholders, completing the company’s high-stakes and tightly choreographed changing of the guard. After spending two decades molding Disney into a media colossus, Iger segued into a senior advisory role, which will run through December when he officially retires.

The leadership shift comes amid an upheaval in Hollywood as traditional companies wage a desperate battle for survival.

“While others in our industry are consolidating just to compete, or struggling to be relevant in a fragmented and disrupted world, Disney is in a category of one,” D’Amaro said during a recorded segment broadcast at the meeting. “This next chapter will be driven by staying focused on world-class creativity, enhanced by technology, bringing unforgettable stories to audiences wherever they are.”

D’Amaro, 55, becomes the ninth leader in Disney’s 102-year history. He was selected last month by Disney board members after a more than two-year internal bake-off among high-ranking division leaders. Board members were impressed with his business acumen, charisma and his deep love for Disney and its storied history.

D’Amaro inherits a company that is beloved by millions, generates $94 billion a year in revenue and employs 230,000 people.

He faces enormous challenges as he steers the company through a turbulent media environment and tense geopolitics. The war in Iran prompted a sharp increase in fuel costs, which could become a drag on Disney’s critically important tourism business. Executives already have signaled “headwinds” in international visitation at theme parks this year.

Lingering Middle East tensions also could weigh on Disney’s plans for a new Persian Gulf waterfront theme park and resort near Abu Dhabi.

D’Amaro, who served as parks and experiences chief until Wednesday, got his corporate start at Disneyland 28 years ago.

“Like so many of you, my connection to Disney goes back to my childhood, long before I began my career here,” D’Amaro told shareholders. “I grew up in a Disney family. We watched ‘The Wonderful World of Disney’ on Sunday nights. I was 10 years old when my family visited Disneyland for the first time. … Disney has always been a place of imagination, innovation and infinite potential.”

Disney previously announced a $60-billion, 10-year expansion program, but it must strike a balance by keeping attractions true to their nostalgic core. In Anaheim, the expansion could result in at least $1.9 billion of development.

Disney also must turbocharge the animation business, manage revenue declines from its traditional linear television channels, including ESPN and ABC, and fortify its streaming services to remain among the leaders in the field.

“Disney+ will continue to evolve beyond a traditional streaming service to become the digital centerpiece of our company,” D’Amaro said, calling the service “a portal that connects our stories, experiences, games, films, and more in entirely new ways.”

He mentioned the company’s efforts to unify Disney+ and Hulu later this year.

Disney also must learn how to exploit new technologies while safeguarding its characters and franchises.

“We will continue to develop and embrace new technologies to empower our storytellers — but never at the expense of our characters and worlds, our creative partners, or the trust people place in us,” D’Amaro said. “Because Disney at its core is a company that celebrates human creativity.”

Board members recognized that D’Amaro lacks deep connections among Hollywood’s writers and producers so they created a new management structure that elevates longtime television executive Dana Walden to chief creative officer and the company’s first woman president.

ESPN will continue to be managed by Jimmy Pitaro and Disney Entertainment, Studios chairman Alan Bergman will remain in his influential role overseeing film studios including production, marketing and distribution, and sharing oversight for streaming programming with Walden.

D’Amaro’s total compensation package is valued at about $40 million a year, including a $2-million annual base salary, $26.2 million in annual long-term stock incentives, a cash bonus and a one-time promotion award of $9.7 million.

Iger first stepped into the CEO role in 2005; his first 15 years were almost magical.

Iger led acquisitions of Pixar Animation, Marvel Entertainment and Lucasfilm, the studio behind “Star Wars,” that turned Disney into a blockbuster machine. Sports king ESPN spawned staggering profits, and Disney’s theme parks set industry standards.

His decision to buy much of Rupert Murdoch’s 21st Century Fox, a $71-billion deal that closed in 2019, boosted Disney’s television production, refreshed its TV executive bench, and provided a controlling stake in general entertainment streaming service Hulu. The acquisition also gave Disney access to fan-favorite franchises, including “Deadpool,” and James Cameron’s “Avatar.”

But the purchase left Disney saddled with debt just as the COVID-19 pandemic prompted production shutdowns and closures at theme parks and sports venues.

Iger initially passed the CEO baton to Bob Chapek in February 2020. Iger, then chairman, retired the following year but came back in November 2022 to a mess. At the time, the company was losing billions of dollars on its shift to streaming but that unit is now profitable.

Iger spent the next three years focusing on four business pillars, including improving the quality and profitability of its film studios.

During the last two years, Disney has produced five franchise films that racked up more than $1 billion in worldwide ticket sales, including “Inside Out 2,” “Zootopia 2,” and “Avatar: Fire and Ash.”

Disney and Pixar’s latest animated film “Hoppers” has hauled in $46 million at the domestic box office in its opening weekend, marking the highest theatrical debut for an original animated film since Disney’s 2017 success “Coco.”

The company is banking this year on several other films with blockbuster potential, including Disney and Pixar’s “Toy Story 5,” Lucasfilm’s “Star Wars: The Mandalorian & Grogu” and Marvel Studios’ “Avengers: Doomsday.”

“I would want to be known as someone who was given the keys to this kingdom and brought it to a place that even Walt would be proud of — more storytelling, more innovation, more risk‑taking, and more creation of happiness,” Iger said during a “The Rest is History” podcast last year.

During the meeting, D’Amaro saluted his predecessor and longtime boss.

“Bob, on behalf of our employees, cast members, shareholders, and fans around the world, thank you so much for your tremendous leadership, your steadfast support, and your countless contributions to The Walt Disney Co.,” D’Amaro said. “You’ve set an incredible example for all of us. … You will be missed.”