Burbank: The Walt Disney Company announced Tuesday that it has appointed Josh D'Amaro, who is currently the chairman of Disney Experiences, as its new CEO, succeeding Bob Iger.

According to Anadolu Agency, the appointment will take effect at Disney's annual meeting on March 18. Bob Iger will continue serving as a board member and senior advisor until his planned retirement on December 31, as per the company's statement.

Iger expressed confidence in D'Amaro, stating, "Josh D'Amaro is an exceptional leader and the right person to become our next CEO." He highlighted D'Amaro's understanding of the Disney brand and his ability to align creativity with operational excellence. "His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company," Iger added.

Disney reported that with 185,000 cast members and employees worldwide, D'Amaro leads the company's largest business segment, which is expected to generate $36 billion in revenue by 2025. D'Amaro, a 28-year veteran of Disney, has been credited with driving the segment to new levels of guest satisfaction, creativity, and financial success, according to the statement.