When Josh D’Amaro was chosen as Bob Iger’s successor as CEO of the Walt Disney Co., he seemed to be straight out of central casting. The 55-year-old was not merely a popular and outgoing executive, equally comfortable at the head of a conference room or mingling with theme-park visitors. But with his salt-and-pepper hair and personable style, he bore a certain similarity to Iger. The two even favored similar outfits, wearing thin-knit sweaters over button-down shirts, as the New York Times noted in an article declaring D’Amaro the best hope to help Disney “break the succession curse.”

While “curse” seemed a fairly harsh word for it, the succession process had been agonizing, with many false starts stretching back more than a decade. Iger flip-flopped about stepping down multiple times before finally passing the baton in 2020 to the ill-fated Bob Chapek after minimal vetting. Iger returned in 2022, but on a shorter leash, in sync with the board of directors about trying to finally go out on the right note. In that context, the rhymes between Iger and D’Amaro didn’t smack of conservatism but came as a relief. Wall Street, employees and the business public greeted the choice favorably, despite the many challenges facing Disney’s new leader and all legacy media companies. Years of angst over the changing of the guard at the media giant, Dow Jones component and larger-than-life American capitalist symbol melted away.

In a joint interview on ABC News (the only sit-down D’Amaro has done thus far), the incoming and outgoing chief executives complemented each other, and not only in their matching dark suits and tieless dress shirts. “I’m sitting next to Bob Iger, one of the best CEOs of all time. It’s a bit intimidating,” D’Amaro said. Iger demurred, “We know each other well.” D’Amaro continued, “We know each other well, but … Bob’s a big risk-taker. I’m a big risk-taker, and that’s been true my whole life with how I’ve approached growing as an individual, to how I’ve approached the business world.”

Risk can have a downside, however, as became clear during D’Amaro’s first week on the job. First, OpenAI decided to shut down its Sora video generator and abandon a plan to have Sora-made videos using Disney characters stream on Disney+. An agreement for Disney to get an equity position in the massive start-up in exchange for licensing select characters also was jettisoned. Another jolt came when Epic Games, the video game company in which Disney (at D’Amaro’s recommendation) invested $1.5 billion, announced it was laying off 20% of its workforce. The company blamed declining engagement in Fortnite, its signature title. In its haste to forge alliances in the tech world, could it be that Disney had bet on the wrong horses?

Weeks later, after ABC was forced to sideline its Bachelor reality franchise, a move that cost it tens of millions of dollars, word surfaced of corporate layoffs. D’Amaro would preside over plans to lay off up to 1,000 employees, mostly in the company’s marketing departments across film, TV and streaming.

As D’Amaro begins speaking more, conducting earnings calls with Wall Street analysts, attending the company’s upfront presentation to advertisers and shepherding major film releases, there is sure to be more promising news. The film studio has been revitalized, and this summer plans to release the first Avengers movie since 2019’s record-setting Endgame, along with Pixar’s hotly anticipated Toy Story 5.

As a nearly 28-year veteran of the company, D’Amaro has a deep understanding of Walt Disney’s legacy on the parks side but will need to level up in Hollywood. Along with his elevation to CEO, the company appeared to acknowledge that he has never directly overseen film, TV and streaming by promoting Dana Walden to the newly created post of president and chief creative officer.

As she showed in the protracted tangle over Jimmy Kimmel’s late-night show, Walden is capable in a Hollywood crisis, even one the company may have contributed to inflaming. She will undoubtedly have opinions about whether, for example, the new Avengers sequel should stay on its release date opposite Warner Bros’ new Dune movie. With video games now in her purview, Walden will make the call about the Epic Games partnership or other strategic decisions.

The future of ESPN is another looming question. Now positioned as its own corporate division, the sports outlet has long been held close despite frequent speculation about its cost profile and shrinking subscriber base. Having already sold 10% of it to the NFL, some Disney-watchers are convinced the company might be ready to distance itself even further, especially if streamlining enables it to refocus on the entertainment-to-experiences flywheel.

Wall Street’s patience is not infinite, and Disney stock has been stagnating. Since Iger returned in November 2022 and chief financial officer Hugh Johnston arrived about a year later, Disney shares have underperformed the S&P by 60% and 38%, respectively. Investors are unlikely to see the share price keep languishing and be content with the status quo.

Speaking for many, Guggenheim analyst Michael Morris described D’Amaro as “charismatic” and “dynamic” in a recent research note, but he urged the new chief to take substantive action. He called on D’Amaro to deliver “a more regular cadence of excellence” and not just look to make “splashy announcements” like the Epic Games and OpenAI deals.

Rich Greenfield of LightShed Partners offered a similar take, urging D’Amaro to split the company’s linear TV assets from its entertainment and streaming operations. That is a move executed by Warner Bros. Discovery, which drove big increases in valuation as the company pursued a sale, ultimately sealing a $111 billion deal with Paramount that is set to close later this year.

Greenfield also believes Disney “has become far too comfortable as a ‘brand manager’ of its core franchises, many of which feel tired. Fresh IP and new franchises are more important for Disney than for any other company in the media space, as they drive not just its studio profitability, but the larger flywheel of streaming, theme parks, and consumer products.”

Addressing shareholders at the company’s annual meeting in March, D’Amaro showed few cards. He said the company is “poised to accelerate into our next era of innovation and growth. And this next chapter will be driven by staying focused on world-class creativity, enhanced by technology, bringing unforgettable stories to audiences wherever they are.” During the unscripted question-and-answer part of the meeting, D’Amaro handled a range of topics with relative ease, but he fell into a pattern with the way he capped off each answer.

Marcus Buckingham, a researcher who has spent time with D’Amaro for his work on how high performers affect their organizations, says the new Disney chief has more than just mojo working. He recalled a recent visit to Disneyland, where he was planning to walk around the park with D’Amaro and ask him to drill down on his management style.

“We couldn’t get more than 10 yards. He was getting mobbed” by employees, who felt he was “the real deal,” Buckingham said in an Instagram video. He later elaborated on what he said Disney insiders had labeled “the Josh Effect,” noting his selection as CEO points to a change from “authoritarian” and “chest-thumping” leaders to more emotionally intelligent ones. “I’ve walked through Disneyland with so many Disney leaders over so many years and that’s never happened.”