Josh D’Amaro will become The Walt Disney Company’s next chief executive replacing Bob Iger next month.

Disney confirmed the long-anticipated succession plan on Tuesday morning naming the parks boss as CEO effective March 18 following the company’s annual meeting.

Iger will remain as a senior adviser and board member until his contract ends on December 31.

D’Amaro currently chairs Disney Experiences the division that oversees theme parks, resorts and cruises, now one of the company’s most profitable and strategically important businesses.

His promotion underscores just how central in-person experiences have become to Disney’s long-term growth.

“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.”

“His ability to combine creativity with operational excellence is exemplary,” Iger added.

Disney also announced that TV and streaming chief Dana Walden widely seen as the other top contender for the CEO role will become president and chief creative officer, a newly created position the company called a “historic first.”

Walden will report directly to D’Amaro and oversee storytelling and creative strategy across all platforms.

D’Amaro is the second parks chief to rise to the top job following Bob Chapek whose short and turbulent tenure ended with Iger’s return in 2022.

That episode cast a long shadow over Disney’s succession planning adding pressure to get this transition right.

D’Amaro frequently visits parks and highlights cast members on social media.

He has led the parks division since 2020 and has been closely involved in major expansion plans including Disney’s first new theme park in 15 years a resort destination in Abu Dhabi.

Speaking on CNBC Disney chairman James Gorman said Iger believed retiring sooner was the right move.

“He had developed the talent,” Gorman said, and felt the company was ready for the handover.

Disney is betting that its parks leader is the right person to guide the company’s next chapter.