D’Amaro will receive a $2.5m base salary, as well as Disney shares worth at least $26.3m annually, according to company filings. The firm has also granted him a bonus award worth $9.7m this year for the new role.
Disney also named Dana Walden, currently co-chair of its entertainment business, to a new role as chief creative officer, reporting to D’Amaro.
Walden, who is known outside of work for her friendship with former Vice President Kamala Harris, had been seen as D’Amaro’s chief rival for the top job.
Disney is trying to avoid a repeat of 2020’s botched hand-off.
That year, it also elevated the successful head of the theme parks business, Bob Chapek, to chief executive. But within weeks, the Covid-19 pandemic had forced the company to shut its doors.
His tenure was marked by strains on the content side of the business, which saw costs rise, as well as the brand’s involvement in several high-profile public clashes, including with actress Scarlett Johansson.
Analyst Paolo Pescatore warned that, despite the profits delivered by parks, the key to Disney’s success lies in its content.
“Disney can ill afford another messy handover,” he said. “While it is a strong endorsement of D’Amaro’s abilities to elevate Experiences to the fore…. he should not lose sight of Disney’s core capabilities.”