Disney's Josh D'Amaro era begins following Bob Iger handoff

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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.D’Amaro, in his first address to shareholders, pointed to Disney’s signature storytelling as its competitive edge.“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 video segment 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 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 fabled history.

Hollywood Inc.D’Amaro, who joined Disney in 1998, has been tapped to succeed Bob Iger as chief executive of the legendary company, besting three other internal candidates for the high-profile post.D’Amaro inherits a company that is beloved by millions.

It generates $94 billion a year in revenue and employs 230,000 people.He faces enormous challenges as he steers the ship through a turbulent media environment and tense geopolitics.The war in Iran prompted a sharp increase in fuel cost...