Disney has unveiled Josh D’Amaro as its next CEO, drawing a line under a bungled succession at the top of the global entertainment conglomerate.

Bob Iger, who led the media giant for 15 years, stepped down in 2020 – only to abruptly return in 2022 when his handpicked successor, Bob Chapek, was fired as the company came under pressure.

D’Amaro has been chairman of the Disney’s experiences since 2020, running its theme parks and cruise ships – effectively the same job as Chapek before his ill-fated stint as CEO of the company.

On Tuesday, Iger hailed D’Amaro as “an exceptional leader and the right person to become our next CEO”.

Six years ago, when Chapek was named as his first successor, Iger declared at the time that he had “proven himself exceptionally qualified to lead the company into its next century”.

D’Amaro will take up the job in March, Disney said. Iger will remain on Disney’s board until December.

The company also announced that Dana Walden, co-chair of its entertainment division, who had been in the running to be CEO, would become president and chief creative officer.

Disney is one of the biggest media and entertainment empires in the world, having acquired Pixar, Marvel, Lucasfilm and most of 21st Century Fox under Iger. Valued at $185bn, it also has a vast tourism business, built around its resorts and ships, and a sprawling digital media arm.

While it reported a surge in profits from its streaming services – Disney+, Hulu and ESPN – earlier this week, Disney+ unnerved investors by warning of “headwinds” among international visitors to its US theme parks. Earnings generated by its wider entertainment division also slumped after it spent heavily to promote box office hits like Zootopia 2 and Avatar: Fire and Ash.

D’Amaro said: “I am immensely grateful to the board for entrusting me with leading a company that means so much to me and millions around the world. Disney’s strength has always come from our people and the creative excellence that defines our stories and experiences.

“There is no limit to what Disney can achieve, and I am excited to work with our teams across the company and brilliant creative partners to honor Disney’s remarkable legacy while continuing to innovate, grow, and deliver exceptional value for our consumers and shareholders.”

Some analysts have noted that D’Amaro, unlike Iger, is little known in Hollywood. Walden’s promotion is likely designed to mitigate such concerns.

D’Amaro “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”, Iger said on Tuesday.

Shares in Disney dropped 1% during early trading in New York.

D’Amaro will receive a base salary of $2.5m, the company disclosed in a market filing, and a performance-based bonus of up to 250% – in this case, $6.25m – of his base salary.

He will also receive a long-term incentive stock award with a target value of $9.7m upon taking up the job, and be granted a long-term incentive award with a target value of $26.3m each year, based on the board’s evaluation of his performance and wider conditions surrounding the company.

Walden, meanwhile, will receive a base salary of $3.75m as chief creative officer and president, with a potential performance-based bonus of up to 200% – in this case, $7.5m – of her salary each year.

She will also receive a long-term incentive stock award with a target value of $5.3m after starting the job, and be granted a long-term incentive award with a target value of $15.8m each year, based on the board’s evaluation of her performance and wider conditions surrounding the company.