Josh D’Amaro, who chairs Disney’s hugely successful parks division, will succeed Bob Iger as The Walt Disney Company’s next chief executive.

Disney TV boss Dana Walden, who was thought to be the other leading contender for the CEO role, will become the company’s president and chief creative officer.

Disney announced the succession plan Tuesday morning, ending years of speculation about who would take the place of Iger, 74, atop one of the world’s biggest entertainment companies.

D’Amaro’s appointment makes him the second parks chief to ascend to the top job after Bob Chapek, whose brief tenure as CEO interrupted Iger’s two stretches at the helm.

“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said in a statement. “He 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.”

“His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company,” Iger added.

This is a developing story and will be updated.

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