The Magic Kingdom will soon have a new monarch.

The Walt Disney Co. announced Tuesday that theme parks chief Josh D’Amaro will succeed Bob Iger, the company’s longtime chief executive, on March 18. The move effectively closes the curtains on one of the most closely watched succession sagas in corporate America.

D’Amaro, 54, is set to take control of a sprawling entertainment empire that includes the Pixar and Marvel studios, the “Star Wars” franchise, the ABC broadcast network, the streaming platforms Disney+ and Hulu, a storied library of classic movies and theme parks around the world.

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” said Iger, who turns 75 next week.

In a statement, D’Amaro said he was “immensely grateful to the Board for entrusting me with leading a company that means so much to me and millions around the world.”

Dana Walden, a top executive who currently oversees Disney’s television and streaming units, will become president and chief creative officer, the corporation announced. She was widely viewed as one of the other contenders for the CEO role.

The announcement comes during a turbulent time for the entertainment business and a transitional moment for Hollywood. Disney and other legacy studios are grappling with the decline of broadcast television viewership, the rise of generative artificial intelligence, labor union unrest and scrutiny from Trump administration regulators.

​D’Amaro is currently the chairman of a corporate unit known as Disney Experiences, a role that gives him broad oversight over the company’s cruise ships, resorts, attractions and consumer technologies. He oversees a dozen theme parks and nearly 60 resort hotels across the U.S., Europe and Asia, as well as a planned theme park in Abu Dhabi, United Arab Emirates.

Disney’s parks business has excelled under ​D’Amaro’s leadership. In its most recent earnings report, released Monday, the domestic parks unit saw record quarterly revenue in the three months ending Dec. 27, while attendance and guest spending also grew year over year.

Outside of parks and cruises, D’Amaro also leads Disney’s consumer products unit, which handles its lucrative licensing business for children’s toys, apparel and home products, according to his online corporate profile.

D’Amaro, who joined the company in 1998 with a role at Disneyland Resort, rose through the ranks of the Mouse House over decades. He previously was chief financial officer of Disney consumer products global licensing, president of Disneyland Resort and president of Walt Disney World Resort.

Iger’s planned departure will mark the end of his second stint at Disney. He returned as CEO in late 2022, two years after he stepped down, following the board’s decision to oust his handpicked successor, Bob Chapek, amid internal dissatisfaction with his management.

Disney’s board said at the time that Iger had signed on for two years and would be asked to “work closely with the Board in developing a successor to lead the Company at the completion of his term.” The board voted unanimously in 2023 to extend his tenure through Dec. 31, 2026.

“On behalf of the entire Board, we extend our deepest gratitude to Bob Iger for his extraordinary leadership and dedication to The Walt Disney Company,” said James Gorman, the Disney chairman.

Disney said Iger will continue to serve as a senior advisor and a member of the board until his retirement from the company on December 31.

In the run-up to Disney’s succession announcement, D’Amaro was reportedly viewed as a top candidate alongside Dana Walden, a co-chairman of Disney Entertainment, and Jimmy Pitaro, the chairman of ESPN.