Josh D'Amaro is new Disney CEO, succeeds Bob Iger, Dana Walden is new President. Check Josh D'Amaro salary, incentives, target

Josh D'Amaro will succeed Bob Iger as Disney's CEO, ending a nearly three-year search, the company said Tuesday. Disney also promoted Dana Walden to president and chief creative officer, effective March 18.

Disney has set D'Amaro's annual base salary at $2.5 million, and he will receive a long-term incentive award with a target value of $26.3 million each fiscal year.

Who is Josh D'Amaro?

D'Amaro has led major expansions including "Star Wars: Galaxy's Edge" and plans for a new park in Abu Dhabi, as well as Disney's partnership with Epic Games on Fortnite integration. D'Amaro has a 28-year Disney veteran with vast theme park experience but little expertise in movies and television.

Iger praised D'Amaro's "instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences."

Disney's board voted unanimously to give D'Amaro the job. He will assume power on March 18, when Disney is scheduled to hold its annual shareholder meeting. He will also join the company's board.

D'Amaro, 54, has most recently served as chair of Disney Experiences, a division with $36 billion in annual revenue that includes theme parks, cruise vacations and consumer products, including video games.

With D'Amaro, Disney is turning to a ​nearly three-decade company veteran who runs its biggest profit engine - the experiences unit that includes theme parks and cruises and whose sales have grown every year after the ‌pandemic receded in 2021.

Last fiscal ‍year, the division turned a record operating profit of nearly $10 billion, making up nearly 60% of the company's earnings.

D'Amaro is leading the company's push ‍into the Middle East with a theme park in the United Arab Emirates' capital, Abu Dhabi, that would mark ‌its first major new park in nearly a decade.

James Gorman, Disney's chair, said in a statement that D'Amaro possesses "that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities and a deep passion for the Disney brand and its people -- all of which make him the right person to take the helm."

Who is Dana Walden?

Walden, 61, has been Disney's top television executive (excluding ESPN) with joint oversight of streaming. Disney said her remit would include ensuring that "storytelling and creative expression across every audience touchpoint consistently reflect the brand."

Walden will be the first companywide chief creative officer in Disney's 103-year history.

Although the company considered outside candidates, the search came down to four internal leaders. They were Walden; Alan Bergman, Disney's movie chief; Jimmy Pitaro, whose fief is ESPN; and D'Amaro. The question of whether any of them would ascend to the top job captivated Hollywood, which long viewed Walden as the most viable candidate.